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RDA Reso 2000-025
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RDA Reso 2000-025
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Last modified
9/13/2010 10:53:53 AM
Creation date
9/13/2010 10:02:21 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
7/17/2000
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PERM
Document Relationships
Inst 2001161041
(Approved)
Path:
\City Clerk\City Council\Recorded Documents\2000
Reso 2000-112
(Reference)
Path:
\City Clerk\City Council\Resolutions\2000
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1 <br /> • High quality site amenities, including an upgraded plaza with a fountain at the <br /> corner of San Leandro Boulevard and Davis Street. <br /> The DDA requires that the Developer construct a specific Project in a single phase, The Project <br /> incorporates architectural and site upgrades and building materials of higher quality and cost than <br /> would typically be found in a standard first class office complex at this location in San Leandro. <br /> The Developer is also required to construct a parking deck and to fund the cost of high quality site <br /> amenities, including a prominent landscape feature at the comer of San Leandro Boulevard and <br /> Davis Street and extensive parking lot landscaping on the Site. <br /> As stated above, the Project will include a ground -floor restaurant of 2,700 sq.ft. of net rentable <br /> area (NRA). Should the Developer fail to lease the 2,700 sq.ft. restaurant space within the time <br /> frame specified, then the reuse value will increase by S250,000. <br /> B. Agency Responsibilities . <br /> The Agency will convey the Site to the Developer under terms and conditions acceptable to the <br /> Agency that will be documented in a DDA. Specific terms and conditions stated in the Agreement <br /> include: <br /> 1. The Agency will sell the Corporation Yard site ( "Site ") to the Developer for <br /> S2,513,421. <br /> 2. Provided that the Developer constructs the parking deck, the Agency will then <br /> loan to the Developer S1,100,000 ("Parking Deck Loan "). The terms of the loan <br /> call for the Agency to receive no payment for the first five years, and then receive <br /> principal and interest payments at 6% for 10 years (years 6 -15), based on the loan <br /> fully amortized. The note is due and payable immediately upon sale or refinance <br /> and will be secured by a third trust deed on the property. <br /> 3. Provided that the Developer satisfies the obligations of the Agreement, the <br /> Agency will loan 5266,000 to the Developer for the purchase of the Site. The <br /> terms of the loan call for the Agency to receive no payment for the first five years, <br /> and then receive principal and interest payments at 6% for 10 years (years 6 -15), <br /> based on the loan fully amortized. The note is due and payable immediately upon <br /> sale or refinance and will be secured by a second trust deed on the property. <br /> . 4. The Agency will use best efforts to expedite City permit processing for the <br /> Project. <br /> Keyser Marston Associates, Inc. <br /> 19096.026\002- 002.doc Page 5 02 toJJ <br />
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