Title
Final Passage of Ordinance Amending the Disposition and Development Agreement between Alameda Point Partners, LLC and the City of Alameda for Site A at Alameda Point to Extend the Phase 1 Outside Closing Date from December 12, 2016 to April 11, 2017 to Allow for Additional Time to Complete Property Due Diligence and to Secure Additional Financial Commitments. [Requires Four Affirmative Votes] (Base Reuse 819099)
Body
CITY OF ALAMEDA ORDINANCE NO. ____
New Series
AUTHORIZING THE CITY MANAGER TO EXECUTE A FIRST AMENDMENT TO THE DISPOSITION AND DEVELOPMENT AGREEMENT AND ALL OTHER NECESSARY DOCUMENTS BETWEEN THE CITY OF ALAMEDA AND ALAMEDA POINT PARTNERS, LLC FOR THE SITE A DEVELOPMENT AT ALAMEDA POINT
WHEREAS, the City of Alameda (“City”) and the Alameda Point Partners, LLC, (“Developer”) entered into a Disposition and Development Agreement for Alameda Point-Site A dated as of August 6, 2015 ("DDA"), authorized by City of Alameda Ordinance No. 3127, whereby the City agreed to convey to the Developer Property located at the former Naval Air Station Alameda under certain terms and conditions and Developer agreed to develop the Project on the Property all in accordance with a Milestone Schedule incorporated in the DDA; and
WHEREAS, the DDA requires that the Developer take title to Phase 1 of the Property no later than December 12, 2016 as set forth in the DDA Milestone Schedule; and
WHEREAS, the Developer and the City have determined that it is in the parties’ best interest to extend the Closing date for the Phase 1 Property by one hundred twenty (120) days.
WHEREAS, the Developer and the City desire to amend the DDA in accordance with the terms and conditions of the First Amendment to extend the Closing date for the Phase 1 Property to April 11, 2017.
NOW THEREFORE, BE IT ORDAINED by the City Council of the City of Alameda (“City Council”) that after hearing all qualified and interested persons and receiving and considering all relevant evidence, finds and determines as follows:
Section 1.
The DDA Amendment, extending the Phase 1 Closing Date from December 12, 2016 to April 11, 2017, and the date for the commencement of construction of Phase 1 infrastructure shall mean May 11, 2017, as attached in Exhibit A, is hereby adopted and the City Manager is authorized to sign it on or after the effective date of this Ordinance.
Section 2.
If any portion, section, subsection, paragraph, subparagraph, sentence, clause, phrase or application of this Ordinance is held invalid or inapplicable by a final judgment of a court of competent jurisdiction, such decision shall not affect the validity or applicability of any other part of this Ordinance.
Section 3.
This Ordinance shall be in full force and effect from and after the expiration of thirty (30) days from the date of its final passage.
_________________________
Mayor of the City of Alameda
Attest:
_____________________
Lara Weisiger, City Clerk
* * * * * *
I, the undersigned, hereby certify that the foregoing Ordinance was duly and regularly adopted and passed by the Council of the City of Alameda on the 7th day of February, 2017, by the following vote to wit:
AYES:
NOES:
ABSENT:
ABSTENTIONS:
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official seal of said City this 8th day of February, 2017.
Lara Weisiger, City Clerk
City of Alameda
APPROVED AS TO FORM:
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Janet C. Kern, City Attorney
City of Alameda