HomeMy WebLinkAboutReso 12-1988 RESOLUTION NO. 12-88
CITY !COUNCIL, CITY OF SOUTH SAN FRANCISCO, STATE OF CALIFORNIA
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE
CITY OF SOUTH SAN FRANCISCO AND ROUSE & ASSOCIATES -
OYSTER POINT PHASE I & II FOR FUNDING THE OYSTER
POINT SEPARATION
WHEREAS, Developer is the owner of that certain parcel of land known as
700-1000 Gateway Boulevard, APN 015-023-140, 190, 200, and 260; and
WHEREAS, City has by Resolution No. 171-84, adopted a funding formula
for the paYment of the cost of construction of the Oyster Point Separation;
and
WHEREAS, the Developer has obtained approval of a Precise Plan (PP-87-13)
for a six!building business park, and the approval includes a condition that
Developer!contribute to the cost of construction of the Oyster Point Separation:
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South
San Francisco that the Mayor is authorized to execute the Agreement entitled
"Agreement Between the City of South San Francisco and Rouse & Associates -
Oyster Point I and II For Funding The Oyster Point Separation". A copy of
the Agreement is attached as Exhibit "Z".
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 the 27th day of January , 1988 , by
the following vote:
AYES: iCouncilmembers Mark N. Addiego, Gus Nicolopulos, Roberta Cerri
iTeglia, and Jack Drago
NOES: iNone
ABSTAIN: !None
ABSENT: !Councilmember Richard A. Haffey
EXHIBIT "Z" TO RESOLUTION NO. 12-88
AGREEMENT BETWEEN THE CITY OF SOUTH SAN
FRANCISCO AND ROUSE & ASSOCIATES - OYSTER
POINT I & II FOR FUNDING THE OYSTER POINT
SEPARATION
THIS AGREEMENT is dated January 27, , 1988 and is by and between
the City Of South San Francisco (hereinafter "City") and Rouse & Associates -
Oyster Point Phase I, a Pennsylvania Limited Partnership and Rouse & Associates -
Oyster Point Phase II, a Pennsylvania Limited Partnership (hereinafter "Developer").
WHEREAS, Developer is the owner of that certain parcel of land known as
700-1000 Gateway Boulevard, APN 015-023-140, 190, 200 and 260 (hereinafter the
"Property?); and
WHEREAS, City has, by Resolution No. 71-84, adopted a funding formula for
the payment of the cost of construction of the Oyster Point Separation; and
WHEREAS, the Developer has obtained approval of a Precise Plan (PP-87-13)
for a six,building business park to be constructed on the Property, and approval
thereof i~cludes among other things, a condition that Developer contribute to the
cost of construction of the Oyster Point Separation; and
WHEREAS, City and Developer now desire to enter into an Agreement to pro-
vide the mechanics for Developer to fund Developer's share of the Oyster Point
Separation;
NOW, THEREFORE, the City and Developer agree as follows:
1. Definitions.
la) The terms the "Project" or the "Property" mean the six building
business Park constructed at 700-1000 Gateway Boulevard, South San Francisco, CA.
lb) The term "Developer" means Rouse & Associates - Oyster Point,
Phase I and Phase II, two Pennsylvania Limited Partnerships and includes any and
all of DeVeloper's successors in interest or assigns of any description.
(c) The "Oyster Point Separation" means a proposed grade separation at
Oyster Point Boulevard and the Southern Pacific tracks; together with any related
freeway access and street improvement including, without limitation, the freeway
over-crossiing, curbs, gutters, bicycle lanes, sidewalks, landscaping, signs and
signals, land acquisition, utility and storm drain relocations, environmental
assessments and reports, architecture and engineering.
()d) The "cost of construction of the Oyster Point Separation" means the
total cost of environmental studies, the total cost of construction, the total
cost of acquisition of lands and easements and all incidental costs and contin-
gencies thereto, including engineering, supervision and inspection as incidental
to construction and acquisition and including any financing costs, such as bond
discount,!reserve fund, bond counsel fees and printing and advertising costs,
which ariSe from any bond financing necessary to provide funds or repayment of
funds for)constructioncosts of the project.
(e) "ADT" means average daily trip generation oriented to or from Highway
101, northbound, southbound, or crossing Highway 101. The Project ADT for each
type of development in the Project shall be as set forth in Exhibit 1 to Exhibit "A",
attached and incorporated.
)(f) ·Total Project ADT" means the total ADT generated by types and
densitiesl of use on the Property for which final discretionary approval has been
granted by City.
i(g) "Contribution" is the cash amount Developer is obligated to pay based
upon the iformula contained in Exhibit "A", as applied to total Project ADT.
g. Developer Contribution. Developer shall Contribute to the cost of the
Oyster point Separation at a rate in accordance with the Oyster Point Contribution
Formula Set forth in Exhibit "A".
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nl ·
3. Payment of Contribution.
(a) Developer shall pay Developer's Contribution for the Cost of Construc-
tion at th~ Oyster Point Separation in cash at such time and in such amounts as
requested iby City, except as to requests made pursuant to subparagraph 3(c) and
except as iprovided in subparagraph 3(f).
(!b) Developer shall pay to City as follows:
(i) $320,850.00 at the issuance of a certificate of
occupancy for Phase I of the project or August 1, 1988, whichever comes
firsti and
(ii) $193,575.00 at the issuance of a certificate of
occupancy for Phase II of the project or August 1, 1990, whichever comes
first~
Prior to receipt of a Certificate of Occupancy, Developer shall
provide security for all unpaid amounts, as requested by the City Manager and
subject tO the approval of the City Attorney.
Upon Developer's payment of the above amounts, Developer will have
paid a contribution of $514,425.00, which is equal to the payment for Developer's
total project ADT of 2995 at the date this Agreement is executed. In the event
that Developer obtains final discretionary approval for changes in the densities
or types iof use authorized on the Property, then Developer's Contribution based
upon total Project ADT shall be adjusted in accordance with Exhibit "1" to Ex-
hibit "A". Thereafter, Developer shall, prior to the issuance of a building
permit for any building (or modification thereto) within the project which
generates ADT in excess of the Total Project ADT set forth above, pay its Cash
Contribution based upon ADT for the building (or modification) for which the
permit is to be issued.
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(c) Developer may; at its own election, secure its obligation pursuant to
subparagraph 3(b) above by posting with the City an unconditional letter of Credit
substantia)ly complying with the form shown in Exhibit "B"; drawn only upon "Accept-
able Finanlcial Institutions" as listed in Exhibit "C", in the amount of all of
Developer'is cash contribution then due and unpaid times the Engineering News
Record Construction Cost Index for San Francisco at date of Cash Payment divided
CCI
by 5139.6i (i.e. Contribution X b139.bl - Amt. of Letter of Credit payable to
City). Upon such a posting, Developer shall have met the prerequisite of sub-
paragraph 3(b) for the issuance of a certificate of occupancy. Thereafter,
Developer shall~ upon a request for funds pursuant to subparagraph 3(a) above,
pay its cash contribution into the Oyster Point Separation Fund within thirty (30)
days of the request.
(d) Construction of the Oyster Point Separation could proceed at such a
rate that funds will be needed for that improvement before Developer's Contribution
would otherwise be required hereunder. If that occurs the City shall request and
Developerishall pay in cash the full amount of Developer's Contribution based on
.the TotaliProject ADT not already paid in cash.
Upon such request by City, Developer shall pay such amounts within
thirty (3D) days of City's request therefor. In the event that City collects
Developer?s Contribution pursuant to this subparagraph 3(d) and the Oyster Point
Separatioin is not physically under construction prior to December 31, 1993, City
shall refund all contributions made by Developer plus interest, if any, earned
thereon. :
i(e) All cash and letters of credit shall be held by the City in a special
fund, segregated from all general funds of the City, which shall be irrevocably
earmarked for the Cost of Construction of the Oyster Point Separation as herein
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defined and for no other purpose or purposes whatsoever unless and until the
repayment )provisions of Paragraph 4 of this Agreement are implemented. All
interest earned on cash within the Fund shall be credited to the Fund.
(!f) City agrees to make any requests for cash pursuant to this Paragraph 3
upon all developers who are required to contribute to the Oyster Point Separation.
Such request shall be made upon each developer in an amount equal to the amount
that the Developer's proportionate share of the total Cost of Construction of the
Oyster Poiint Separation bears to the total request then being made. Nevertheless,
City shall not be required to successfully collect the contribuitons, and Develop-
er's obligation under this Paragraph 3 to pay its Contribution in a timely fashion
shall not!be affected by failure of the City to collect the contributions of other
developers. Upon City's request for a cash Contribution by Developer, whether for
Cost of Construction as contemplated in subparagraph 3(a) above or for the full
amount of:the projected Contributions by Developer as contemplated in subparagraph
3(d) above, processing of all subdivision or parcel maps and of building permits
and occupancy permits shall be halted for development on the parcel or parcels
owned by Developer until payment of Developer's cash Contribution is received.
City will ~pay an amount equal to its proportionate share of the Cost of Con-
struction:of the Oyster Point Separation at the same timethat it expends
Developer'~s proportionate share.
4. Refunds of Excess Payments. It is recognized that the City will make every
effort to,secure maximum participation in the Oyster Point Separation Project,
and for g~eater state and/or federal contributions to the Oyster Point Separation.
Any funds~collected in excess of those needed for the local share contribution
and interest on such excess funds shall be refunded to Developer in accordance
with the Oyster Point Separation Fund Repayment Formula detailed in Exhibit "D",
attached and incorporated.
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5. NolFurther Fees or Contributions. It is understood and agreed that the
obligation!of Developer to contribute based upon Total Project ADT and to perform
other obligations expressed herein shall be the sole obligation of Developer
or any other owner of all or any portion of the Property with respect to the
construction of the Oyster Point Separation or any part thereof or with respect to
traffic mitigation at the Oyster Point/Southern Pacific/Highway lO1 intersections
as required by the intensity of development approved in the Use Permits and/or
Subdivision Maps approved prior to this Ageement except as provided in
above. Nol other construction, payment of fees, or contribution or the like with
respect toi the Oyster Point Separation or any part thereof shall be required of
Developer !or any owner of any portion of the Property as a condition to or in
connection with issuance or approval of any subdivision map, parcel map, use
permit, building permit, occupancy permit, or any other permit approval or auth-
orization!whatsoever.
6. A~signment:
(a) Developer may at any time or from time to time lease, sell or other-
wise transfer or assign (hereinafter "transfer") its rights, title or interest
in or to all or any portion of the Property. Immediately upon such a transfer,
Developerishall notify the City of the name and address of the transferee and
shall supply City with a signed original of the "Assignment."
lb) Notwithstanding the foregoing, Developer agrees that Developer
shall remain primarily liable for the Contribution due with respect to any lot
or parcel! conveyed by Developer until the City receives the cash payment con-
templatedlin Paragraph 3 above, whereupon Developer's total obligation shall be
reduced by the ADT attributable to the cash payment.
Developer also specifically agrees that Developer shall pay~ within
thirty 130) days of City's request~ any and all cash contributions required as a
condition to issuance of a building permit for any building (or modification there-
to) the u~e of which will generate ADT on the Property in excess of 2995 when the
building permit is requested for construction or modification to a building on
the Property owned by the Developer on the date of this Agreement and subsequently
conveyed bY Developer by sale or lease or otherwise.
7. Recordation. The Developer shall, upon execution, cause a copy of this
Agreement and any amendments to it or assignments of rights or responsibilities
hereunder to be recorded in the Office of the Recorder of the County of San Mateo
as a restrictive covenant upon the Property immediately upon its execution.
8. Notices. All notices required or permitted to be given hereunder shall
be in writing and deemed to be given and received when either personally delivered
or forty-eight (48) hours after deposit in the United States mail, postage prepaid,
certified or registered, return receipt requested, and addressed as follows:
To City: City Clerk
P.O. Box 711
South San Francisco, CA 94083
To Developer: Rouse & Associates - Oyster Point Phase I
Limited Partnership
32990 Alvarado-Niles Road, Suite 990
Union City, CA. 94587
Each party by notice as herein provided may change such address for
purposes of subsequent notices.
9. Captions. The captions of articles, sections and paragraphs are for
convenience only and shall not affect the meaning of this Agreement.
10. Capitalized Terms: All capitalized items which are defined terms shall
have the meanings set forth in this Agreement.
11. Time. Time is of the essence in this Agreement.
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12. G~verning Law: This Agreement shall be governed by the laws of the
State of ~alifornia.
13. Invalidity or Illegality. If any provision, or portion of a provision
is adjudicated illegal or unenforceable, the remaining provisions, or portions
of such provisions, of this Agreement shall remain in full force and effect.
14. A~torney's Fees. In the event of any litigation to construe, interpret
or enforce this Agreement, the prevailing party shall be entitled to recover
reasonabl~ attorneys' fees and costs in addition to other such relief as the
Court mayi award.
IN wITNESS WHEREOF, the undersigned have executed this Agreement.
ATTEST:
APPROVED AS TO FORM:
By:
By:
ROUSE & ASSOCIATES - OYSTER POINT PHASE I
a Pennsylvania Limited Partnership; and
ROUSE & ASSOCIATES - OYSTER POINT PHASE II
a Pennsylvania Limited Partnership
CITY OF SOUTH SAN FRANCISCO
a Municipal corpration
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OYSTER POINT CONTRIBUTION FORMULA
1. Generali Provisions:
Contributions shall be based upon weekday Average Daily Trip (ADT) generation
by variousiland uses as set forth in Exhibit 1 attached hereto and incorporated
herein by reference as though set forth verbatim.
Note:
(a) When ADT generation is based upon gross square foot-
age of a building, the gross square footage includes
the total floor area within the building shell, which
shall be computed by measuring to the inside finished
surface of permanent outer building walls. The gross
square footage of a building shall be the sum of the
square footage of all enclosed floors of the building,
including basements, mechanical equipment areas, corri-
dors and general support areas and the like. Gross
square footage shall not include first floor open lobby
area in excess of four hundred (400) square feet, atrium
openings which extend to floors above the atrium floor,
or Penthouses used exclusively to house mechanical equip-
ment. Credit may be given for ADT generated by uses pre-
viously existing on the parcel(s) proposed for development
if those previous uses were lawful and active within two (2)
years prior to the date and project proposal was accepted by
the City as a complete application.
2. Contribution Rate:
Engineering News Record Construction Cost Index
For San Francisco at date of Cash Payment Amount of
~DT x $154' x 5139.61'* = Contribution
3. Methods of Payment:
(ia) In most cases, payment or guarantees of payment shall be made prior
to issuance of building permits.
(b) In some cases (i.e. projects underway prior to adoption of the
formula contained herein) guaranteed delayed payment plans may be
approved by agreement with adequate surety. Delayed payment agreement
Will be subject to adjustment in accordance with Engineering News Record
index changes. In no case shall the per-trip contribution amount be less
:han the $154 figure set forth above. Should the Engineering News Record
Zndex be discontinued, the formula provided above shall be converted
to any new or changed index which might replace said index.
*The $154 figure set forth above is based upon the total estimated
:cost of the Oyster Point Separation divided by the projected total
!ADT applicable to that project.
**July, 1983 Engineering News Record Construction Cost Index for
San Francisco.
EXHIBIT "A"
Land Use
Truck Termi nal
General Industrial
Manufacturing
Warehousing
Hotel
Motel
General Office
Bui 1 ding
Research Center
Recreational Club
Dinner HoUse
Restaurant
EXHIBIT i TO
OYSTER POINT CONTRIBUTION FORMULA
General Description
ADT
Trip Rate Per 1000'
Gross Square Feet
Facilities where goods are transferred
between trucks, trucks and railroads,
or trucks and airports.
9.86
Typical uses are printing plants, material
testing laboratories, assemblers of data
processing equipment, and power stations
which usually employ less than 500 emp-
loyees with an emphasis on uses other than
manufacturing.
5.46
Primary activity is the conversion of
materials or parts into finished products.
Facilities which are all or largely devoted
to storage of materials.
3.99
l)
4.50
Place of lodging which generally contains
one hundred (100) or more lodging rooms or
suites and which could include restaurants,
cocktail lounges, meeting rooms, banquet
rooms, and other retail and service shops
within the same building.
10.50 (Per Room)
Place of lodging which ordinarily contains
less than one hundred (100) rooms or suites
which could include a restaurant on the same
premises.
10.14 (Per Room)
Office building housing one or more tenants 12.30
and is the location where the affairs of a
business, commercial or industrial organization,
professional person or firm are conducted and
related support services.
Facilities or groups of facilities devoted
nearly exclusively to research and develop-
ment activities.
5.30
Privately owned facilities including tennis
courts, swimming pools, racquet ball courts,
handball courts, and other minor gymnastic
facilities.
11.70
Eating establishments of high quality in
interior furnishings and food which generally
have a customer turnover rate of one hour or
longer and are not open 24 hours per day.
56.30
Page i of 3
Land Use
EXHIBIT i TO
OYSTER POINT CONTRIBUTION FORMULA
General Description
ADT
Trip Rate Per 1000'
Gross Square Feet
High Turn-over
Restaurant!
Eating establishments which generally have
a customer turn-over rate of less than one
hour, including, but not limited to, coffee
shops, cafeterias and delicatessens.
164.40
Shopping Center
General commercial
An integrated group of commercial est-
ablishments which is planned, developed
owned, and managed as a Unit:
Under 50,000 Gross Square Feet
50,000 Gross Square Feet and Greater
Establishments contained within freestand-
ing con~nercial buildings including strip
commercial buildings.
115.8
79.1
2)
48.00
Banks and Savings
and Loan
Marina
Single Family Dwellings
Townhouses
Condominiuims and
Apartments
Contain banks or savings and loan
facilities.
Public or private marina with some
having social activities scheduled
throughout the week.
74.00
3.2/berth
3)
lO.O/unit
3)
g.O/unit
3)
5.0/unit
Except fo~ general office buildings and banks and savings and loan use, all land
use listed above shall be calculated at the applicable primary land use rate not-
withstandi!ng the fact that the use may include up to 25% of office use ancillalry
to the pri)mary use. Office use exceeding 25~ for a given structure shall be
computed at the general use rate as set forth above. Any other uses in the same
structure)shall be computed as a separate use of that structure.
The folloWing typical example would apply to a 50,000 square foot industrial
building Which contains 30% Office, 2~ Delicatessen, 8~ General Industrial and
60% WarehOusing:
Average Trip Rate ADT
Square 1000 Sq. Ft. of Trip
Use Feet Gross Floor Area Generation
Office 2,500 (15,000-12,500)
Del icates~en 1,000
General Industrial 4,000
~Warehou s i ng 42,500 (30, ooo+l 2,500 )
12.30 92.25
164.40 164.40
5.46 21.84
4.50 191.25
4US.Z4
In this case, the total trip generation would be 409 trips per day.
* See next page Page 2 of 3
*For specific definitions of land use categories and data supporting trip generation
rates see "Trip Generation Second Edition - I979" prepared by the Institute of
Transportation Engineers. A copy of this report, including use definitions and
variations of the above listed rates, has been placed in the files of the Depart-
ment of Community Development. 400 Grand Avenue, South San Francisco, CA 94080.
1) A Traffic Impact Analysis of the Proposed Oyster Point Business Center; TOKM,
Transportation Consultant, Dec. 1981.
2) CALTRANS - 12th Progress Report on Trip Ends Generation Research Counts,
December, 1979.
3) Terrabay Development; Final Environmental Impact Report, August, 1982.
Page 3 of 3
SAMPLE
NO.
Amount
TO: CITY iOF SOUTH SAN'FRANCISCO
Gentlemen:i
We hereby authorize you to draw on
at sight for account of
up to an aggregate amount of
EXHIBIT "B"
SAMPLE
!rrevocable Letter of Credit
SAMPLE
Date:
SAMPLE
Name ot Bank and Branch Location
Name and Address ot Developer
times the Engineering News Record Con-
structioniCost Index for San Francisco at date of Cash Payment divided by 5139.61
CCI
(i.e. ConStruction X 5139.61 : Amt. of Letter of Credit payable to City).
Drafts to be accompanied by:
The original of this Letter of Credit and its amendments, if any.
We are informed that this Letter of Credit is issued to guarantee a
Portion of Developer's required Contribution of the Cost of Construction
Of the Oyster Point Separation as Defined in an Agreement entitled
!'Agreement for Funding Oyster Point Separation" entered into by and
letween Developer and the City of South San Francisco and dated
Draft~ drawn hereunder must specifically mention the number and date of this
Letter of'Credit.
The amount of each draft negotiated, together with the date of negotiation,
must be entered on the reverse side of this Letter of Credit.
We hereby agree with you that the drafts drawn under and in accordance with the
terms of this credit shall be duty honored upon presentation to the drawee on or
before .
Date
Signatures
ACCEPTABLE FINANCIAL INSTITUTIONS FOR INVESTMENT
United States:
Bank Of America
Bank Of Boston
Citibank
ChaselManhattan Bank
Manufacturers Hanover Trust
Morgan Guaranty Trust
ChemiCal Bank
Continental Illinois
Bankers Trust
First)National Bank of Chicago
Security Pacific National Bank
Wells i Fargo Bank
Crocker National Bank
First Interstate Bank of California
Mellom Bank
Seattle First National Bank
Republic National Bank, Dallas
Harris Trust Company
TexasiCommerce Bank
Northern Trust
Rainier National Bank
Pittsburgh National Bank
Ameritrust
FirstlNational Bank of Boston
U.S. National Bank of Portland
NorthWest Bancorp
First International Bancorp
First)Bank System
First!City Bancorp
National Detroit
Bank Of New York
European American Bank
North Carolina National Bank
Union Bank
Philadelphia National Bank
Southeast Banking Corp.
Valley National Bank of Arizona
Detroit Bank Corp.
WachoVia Corp.
National City Corp.
Mercantile Texas Corp.
Note
The institutions listed are taken from the fifty largest U.S. banks by assets.
Only those U.S. banking institutions listed above having California offices are
acceptable institutions.
EXHIBIT "C"
Page 1 of 3
France:
Banque National de Paris
Credit Agricole Mutuel
Credi~ Lyonnais
Socie~e Generale ·
Germany:
DeutsChe Bank
Oresdner Bank
Westdeutsche Landesbank
Con~nerzbank
Bayerlsche Landesbank
Bayerische Vereinsbank
Bayerische Hypotheken und Wechsel
Great Britain:
National Westminister Bank
BarclaYs Bank
Midland Bank
LloydiBank
Japan:
The
Dai-IChi Kangyo Bank
NorinChukin Bank
Fuji Bank
SumitOmo Bank
Mitsubishi Bank
SanwaiBank
Industrial Bank of Japan
Long-Term Credit Bank of Japan
TokailBank
Bank Of Tokyo
Mitsu) Bank
Netherlands:
Rabobank Nederland
Alegmene Bank Mederland
Amsterdam-Rotterdam Bank
Bank
Page 2 of 3
Canada:
Royal Bank of Canada
Canadilan Imperial Bank
Bank o)f Montreal
Bank o)f Nova Scotia
Toronto Dominion Bank
Switzerland:
Swiss Bank Corp.
Union IBank of Switzerland
Credit Suisse
Belgium:
Societte Generale de Banque
Hong Kong:i
Hongkoing and Shanghai Banking Corp.
Note
The financial institutions on this list are taken from the fifty largest
non-U.S, banks by assets, except for the Bank of Nova Scotia and Toronto
Dominion Bank. Only those foreign banking institutions listed above having
California) offices are acceptable institutions.
Page 3 of 3 ~
OYSTER POINT SEPARATION FUND REPAYMENT FORMULA
Any funds collected in excess of those needed for the local share of the Cost of
Construction of the Oyster Point Separation shall be refunded to Developers in
the same proportion that the ADT of their particular project bore to the Total
ADT upon which the total contributions by all developers to the Oyster Point
Separation project were based. Refunds to be made shall be determined in accord-
ance with ~the procedure outlined on Page 2 of this exhibit setting forth examples
of payment: refunds. Refunds, if any are to be made, shall be made on a date not
later than five years and two months after final acceptance by City of the work
to construct the Oyster Point Separation.
In the absence of excess payments toward the principal of the project, no refund
will be made for interest earned on such payments; such interest will be applied
to the Agency's share and will be reimbursed to the Agency. If the net local
share exceeds total payments into the principal of the fund, there will be no
repayment to Developers unless additional payments made by other Developers follow-
ing the date of project completion bring total payments to a level exceeding the
local share.
EXHIBIT "D"
Page 1 of 2
EXAMPLES OF PAYMENT REFUNDS
ASSUMPTIONS
1
Project
ADT
2 3
Total % Pmt. Repaid
Payments Project ADT
divided by
total ADT
4
Amount of Repayment*
$1,380,000 x COL. 3
Developer "A" 37,000( 1 )
Developer "B" 4,000
Developer "C" 3,750
Developer "D" 12,000
Developer "E" 7,000
Redevelopment Agency
(Including Future) 40,000(1 )
$3,800,000 .357 $492,660
650,000 .039 53,820
600,000 .036 49,680
1,900,000 .116 160,080
1,100,000 .067 92,460
2,500,000 .385 531,300
TOTALS 103,750 9,750,000 1.000 $1,380,000
Note (1) - After adjustment for contributions to East Grand Avenue Overpass at
the rate of $154 per trip
Example #1 - Assumes net local share cost :
Assumes total interest earnings :
Total excess payments = $1,250,000)
Total excess interest: 130,000)
$8,500,000
1,000,000
1,380,000
*Repayment calculated by mutliplying
excess payment and interest costs by
% of ADT in Column 3 (amount in this
example shown in Column 4 above).
Example #2
Assumes net local share cost: $10,750,000
Total interest earnings : 1,250,000
Total excess payments : 0
Total excess interest : 250,000
(Note: In the absence of excess payments no
repayment will be made and excess interest
will be applied to agency share of future
contributions.)
Example #3
Assumes net local share cost = $12,000,000,
Assumes total interest earnings = 1,250,000
Total excess payments : 0
Total excess interest 0
(Note: Because net local share exceeds total
Payments will be no repayment to developers
unless more than $1,000,000 in additional pay-
ments are made by other devQlopers following
date of project completion.)
Page 2 of 2
TO:
STANDBY IRREVOCABLE LETTER OF CREDIT NO.
CITY OF SOUTH SAN FRANCISCO
Al'TN: DEPUTY CITY MANAGER/
i
CITY ENGINEER
CITY HALL, 400 GRAND AVE.
P.O. BOX 711
SOUTH)SAN FRANCISCO, CA 94083
DATE:
EXPIRATION:
GENTLEMEN:
We hereby issue our irrevocable Letter of Credit No.
in your faivor for the account of ROUSE & ASSOCIATES - OYSTER POINT PHASE I,
A PENNSYLVANIA LIMITED PARTNERSHIP AND ROUSE & ASSOCIATES - OYSTER POINT
PHASE II,i A PENNSYLVANIA LIMITED PARTNERSHIP, 32990 ALVARADO-NILES ROAD,
SUITE 990, UNION CITY, CA, 94587 and we hereby undertake to honor your
drafts at istght on us for an amount or an~unts not exceeding a total of One
Hundred Tllousand U.S. dollars {$100,000).
WHEREAs, the CITY OF SOUTH SAN FRANCISCO, a municipal corporation, and
the SOUTH) SAN FRANCISCO REDEVELOPMENT AGENCY hereinafter designated
'OBLIGEE'i, has granted precise plan Permit No. PP-87-I3 approving the
developnmnt of a six building office park at 700, 750, 800, 850, 900 and
1000 GateWay Boulevard to ROUSE & ASSOCIATES - OYSTER POINT PHASE I, A
PENNSYLVAMIA LIMITED PARTNERSHIP AND ROUSE & ASSOCIATES - OYSTER POINT PHASE
II, A PENNSYLVANIA LIMITED PARTNERSHIP, 32990 ALVARADO-NILES ROAD, SUITE
990, UNION CITY, CA, 94587, hereinafter designated 'Principal", which
precise iplan permit included, in the conditions of its approval a
requirenmnt to design, furnish, construct and install a traffic signal at
the project entrance intersection with Gateway Boulevard reference to which
is hereby)made; and
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WHERE/~S, the Principal has agreed and is obligated by the terms of the
permit to do and perform certain work and to discharge and perform and carry
out certain other obligations in the permit in accordance with the terms and
provisions of the perm!t, with the plans and specifications to be prepared
by the Principal's Civil Engineer and submitted for review and approval by
the City Engineer of the City of South San Francisco, and with all
applicable ordinances, rules, and regulations of the City of South San
Francisco;and to furnish, construct and install, in accordance with the
approved plans, a new traffic signal within Gateway Boulevard,
interconnected to, and phased with, the existing signals along Gateway. The
work shall include all necessary hardware and modifications to the existing
Gateway Blvd. controllers, installation of conduit and wiring, new
controller and cabinet, signal poles and appurtenances, intersection
modifications, and all other equipment and services necessary for a fully
functional traffic signal. All work shall be accomplished without cost to
the City.
The P!rincipal agrees that the traffic signal design and construction
plans shall be completed to the satisfaction of the City Engineer prior to
receiving a building permit for either 700 or 1000 Gateway Boulevard and
that the s~gnal system will be fully functional and operating in accordance
with the iintent of the approved plans, and to the satisfaction of the City
Engineer, prior to commencing occupation of either 700 or 1000 Gateway
Boulevard. Alternately, if in the opinion of the City Engineer the new
signal is necessary to provide for vehicle and/or pedestrian safety at the
project intersection, or if the driveway opposite the project entrance is
placed in ioperation by the opposite property owner, the new traffic signal
shall be ilnstalled. Upon notification in writing by the City Engineer that
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the signal is required, the Principal shall commence design of the signal.
The signal design shall be completed to the satisfaction of the City
Engineer within 90 days and the signal construction completed within 180
days.
WHEREAS, the Principal is required under the terms of the permit to
furnish security for faithful performance of the work described above and
the security is to be in the form of an Irrevocable Standby Letter of Credit
in the amount of One Hundred Thousand U.S. Dollars {$100,000.00}~
NOW, THEREFORE, there is hereby established an Irrevocable Letter of
Credit in favor of the City of South San Francisco available to draft drawn
at sight on the (Name of Bank) and
accompanied by the documents specified below:
A written statement from the City of South San Francisco signed by the
Deputy City Manager/City Engineer certifying that:
1. That the signal installation is required by the City Engineer in
his opinion in order to provide for vehicle and/or pedestrian safety at the
project intersection and the Principal has failed to complete construction
or see that construction is completed by a third party within 180 days.
2. The Principal, a contractor or subcontractor or worker has left
the work incomplete such that there is a potential hazard to human life or
the work may endanger adjoining property or property at a higher or lower
level, or any street or street improvement, or any other public property and
that after being notified, the Principal has failed to see that the problem
is expeditiously corrected.
3. Some other covenant, term, condition or obligation as detailed in
the precise plan permit conditions of approval and this Letter of Credit has
not been performed in a timely manner.
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This i. etter of Credit shall be valid for a period of not less than ten
years from~the date of issuance or until a written release from the Obligee
is received by the Principal, whichever occurs first.
This Letter of Credit will not be affected in any way by any change,
extension Of time, alteration· or addition to the terms of the permit, or to
the work to be performed thereunder, or to the plans and specifications
accompanying the same, and notice of any such change, extension of time,
alteration~ or addition to the terms of the permit or to the work or to the
plans and Specifications is hereby waived.
We hereby warrant that all drafts drawn under, and in compliance with,
the terms of this credit will be duly honored if drawn and presented for
payment at this office on or before the expiration date of this credit.
This Irrevocable Letter of Credit expires February 1, 1998 at
(Bank Name and Address)
, and drafts drawn hereunder, when accompanied by the
statement )specified above, will be duly honored if presented to us at our
office on )or before such date. All drafts hereunder must be marked "Drawn
Under IrreVocable Letter of Credit No. " dated
Partial payments are not permitted.
Except as otherwise stated herein· this Letter of Credit is subject to
the Uniform Customs and Practice for Documentary Credits· 1983 Revision
International Chamber of Commerce Publication No. 400.
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(Name of Bank)
By:
Authorized Signature of Bank Officer
Title:
ROUSE & ASSOCIATES - OYSTER POINT PHASE I,
A PENNSYLVANIA LIMITED PARTNERSHIP
ROUSE & ASSOCIATES - OYSTER POINT PHASE II,
A PENNSYLVANIA LIMITED PARTNERSHIP
By:
Title:
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