Agmt 2008 Cal Coast Development LLC

Home

Agreement THIS EXCLUSIVE NEGOTIATING RIGHTS AGREEMENT (this “”) is Effective Date entered into effective as of October 20 , 2008 (“”) by and between the City City of San Leandro, a municipal corporation (“”) and Cal Coast Development, LLC, a Delaware Developer limited liability company doing business in California as CC Development, LLC (“”). Parties City and Developer are hereinafter collectively referred to as the “.” WHEREAS, the City seeks development of the City-owned property consisting of approximately 40 acres located within the City limits in the Shoreline-Marina area and more Site”) particularly described in Exhibit A attached hereto and incorporated herein (the “; WHEREAS, the City’s General Plan calls for the development of the Shoreline-Marina area with uses that are compatible with the area’s recreational character and which will enhance its appeal as a destination for East Bay residents and visitors, including such identified uses as hotels, restaurants, and a conference center/meeting facility; WHEREAS, Developer submitted a timely response to the City’s Request for Qualifications seeking a developer with experience in shoreline development and public private partnerships to develop at the Site a high-quality hotel, restaurants, public amenities and possibly Project residential, office and water-oriented commercial uses (the “”); WHEREAS, at its meeting of June 16, 2008, the City Council of the City of San Leandro “City Council (”) directed staff to pursue negotiations with Developer regarding Developer’s proposed development of the Project on the Site, and authorized City staff to prepare an agreement granting Developer exclusive rights to negotiate for the purpose of reaching agreement on terms and conditions for development of the Project; and WHEREAS, Developer anticipates expending significant funds to conduct certain studies that will be needed to assess the feasibility of the Project. NOW THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 1.Good Faith Efforts to Negotiate. The Parties shall use their best efforts to successfully negotiate an agreement that will describe the terms and conditions governing development of the Project on the Site. The Parties shall diligently and in good faith pursue such negotiations. Furthermore, the Parties shall use their best efforts to obtain any third-party consent, authorization, approval, or exemption required in connection with the transactions contemplated hereby. This Agreement does not impose a binding obligation on City to convey any portion of or interest in the Site to Developer, nor does it obligate City to grant any approvals or authorizations required for the Project. Without limiting the generality of the foregoing, Developer expressly acknowledges that any agreement resulting from the negotiations contemplated hereby shall become effective only if the agreement is approved by the City Council following compliance with all applicable notice and hearing requirements and compliance with all other requirements of law, including without limitation the California CEQA Environmental Quality Act (“”). 2 1145383-7