HomeMy WebLinkAboutReso 84-1988RESOLUTION NO. 84-88
CITY COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING A SEVENTH AMENDMENT TO THE
OWNER PARTICIPATION AND DEVELOPMENT AGREEMENT
(GATEWAY REDEVELOPMENT PROJECT, HOMART DEVELOPMENT CO.)
WHEREAS, the City of South San Francisco, the Redevelopment Agency of the
City of South San Francisco, and Homart Development Co. have entered into an
Owner Participation and Development Agreement (OPA) dated March 19, 1981 in
connection with the Redevelopment Plan for the Gateway Redevelopment Project;
and
WHEREAS, there have been previous amendments to the OPA and now the City,
Agency and Homart desire to enter into a further amendment concerning the
construction of the Auxiliary Lane.
NOW, -HEREFORE, BE IT RESOLVED by the City Council of the City of South
San Francisco that it hereby approves of the seventh amendment to the OPA
and authorizes the Mayor to execute the amendment in substantially the same
form as the attached Exhibit "1".
I hereby certify that the foregoing Resolution was regularly introduced
and adopted by the City Council of the City of South San Francisco at a
regular meeting held on the22nd day of June , 1988, by the
following vote:
AYES:
Councilmembers Mark N. Addiego, Richard A. Haffey, Gus Nicolopulos,
Roberta Cerri Teglia, and Jack Drago
NOES: None
ABSTAIN: None
ABSENT: None
EXHIBI~ 1 TO RESOLUTION NO. 84-88
SEVENTH AMENDMENT
OWNER PARTICIPATION AGREEMENT
This Seventh Amendment to Owner Participation and
Development Agreement is made as of this 22nd day of June ,
1988, by and among CITY OF SOUTH SAN FRANCISCO, a municipal
corporation (hereinafter called "City"), REDEVELOPMENT AGENCY OF
THE CITY OF SOUTH SAN FRANCISCO, a public body, corporate and
politic (which, together with any successor public body or officer
hereinafter designated by or pursuant to law is hereinafter called
"Agency"), duly created, established and authorized to transact
business and to exercise its powers, all under and pursuant to the
Community Redevelopment Law of the State of California (Part 1 of
Division 24 of the California Health and Safety Code) and having
its office at the City Hall, 400 Grand Avenue, in the City of South
San Francisco, California, and HOMART DEVELOPMENT CO. (hereinafter
called "Developer).
RECITALS:
WHEREAS, City, Agency and Developer have entered into
that certain Owner Participation and Development Agreement
(hereinafter called the "OPA") dated as of March 19, 1981, in
connection with the Redevelopment Plan for the South San Francisco
Redevelopment District, which provides for the redevelopment of an
area located in the City of South San Francisco' (hereinafter called
the "Project Area"); and
WHEREAS, on December 30, 1981, Agency, Developer and
Genentech, Inc. entered into the First Amendment to the OPA, which
First A~.endment dealt primarily with the parcel within the Project
Areas which Genentech, Inc. has acquired from Developer; and
WHEREAS, on June 16, 1983, City, Agency and Developer
entered into the Second Amendment of the OPA, which Second
Amendment extended the time for reaching an agreement pursuant to
paragraph 2.2.3 of the OPA; and
WHEREAS, on August 24, 1983, City, Agency and Developer
entered into the Third Amendment to the OPA, which Third Amendment
extended the time for reaching an agreement pursuant to paragraph
2.2.3 of the OPA; and
WHEREAS, On September 30, 1983, City, Agency and
Developer entered into the Fourth Amendment to the OPA ("Fourth
Amendment"), which, among other things, provided for Developer's
contribuUion toward the Oyster Point Separation and the possible
expansion of the scope of development to permit 1,300 hotel rooms,
subject ~o environmental review; and
WHEREAS, on November 13, 1985, City, Agency and DevelOper
entered into the Fifth Amendment to the OPA to conform the'Oyster
Point contribution formula set forth in the Fourth Amendment.to the
said formula which was adopted by the City Council as a part of
Resolution No. 71-84 and to expand the Scope of'.Development ~o
permit the development of 1,300 hotel rooms on the Property; and
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WHEREAS, on October 8, 1986, City,.Agency and Developer
entered into the Sixth Amendment to the OPA to reflect a reduction
in the interest rate in the Phase I assessment district bonds as
the result of the refinancing of such bonds and on the basis of
such reduction, reduce the interest rate on the repayment
obligation of the Agency for the Agency's share of the Phase I
assessment district improvements;
WHEREAS, City, Agency and Developer desire to enter into
a further amendment of the OPA to extend the deadline set forth~in
paragraph 2.1(b) of the Fourth Amendment for the commencement of
construction of the Auxiliary Lane;
NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein contained, the parties hereto agree as
follows:
1. Paragraph 2.1(b) of the Fourth Amendment shall be
modified to read as follows:
"If construction of the Auxiliary Lane has not
comalenced by June 30, 1989, Developer's obligation to make a
cask Contribution toward the cost thereof shall expire''~
2. Paragraph 2.1(d) of the Fourth Amendment shall be
modified to read as follows:
"The construction of the Auxiliary Lane is included
as a part of Phase II of the Gateway Assessment District. If
construction of the Auxiliary Lane is undertaken by the
Assessment District prior to June 30, 1989 and funds in the
Assessment District, presently uncommitted to meet other
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ob2.igations of the Assessment District, are insufficient to
the cost of the construction of the Auxiliary Lane,
eloper shall pay the differrence between the funds
ilable in the Assessment District and $750,000. If the
struction of the Auxiliary Lane is undertaken by the
Ass District, Developer shall have no right to
rei for any portion of the cost thereof."
3. Except as modified by this Seventh Amendment, the
y amended is ratified and confirmed.
IN WITNESS WHEREOF, the parties hereto have executed this
to the Owner Participation and Development
as of the day and year first above written.
OPA as p~
Seventh
Agreemenl
ATTEST:
Execu~
ATTEST:
City ¢
ATTEST:
Secret~
.ve Director
Lerk
Lry
REDEVELOPMENT AGENCY OF THE CITY OF
SOUTH SAN FRANCISCO
By:
Chairman
CITY OF SOUTH SAN FRANCISCO
By
Mayor
HOMART DEVELOPMENT CO.
By
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