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 considerin...
Click here for full text