Title
Adoption of Resolution Authorizing the Interim City Manager to Execute a Fourth Amendment to the Disposition and Development Agreement (DDA) and all Other Necessary Documents between the City of Alameda and Alameda Point Partners, LLC for the Site A Development at Alameda Point; and
Adoption of Resolution Authorizing the Interim City Manager to Execute a Fifth Amendment to the Disposition and Development Agreement and all Other Necessary Documents between the City of Alameda and Eden Housing, Inc. for the Site A Development at Alameda Point. (Base Reuse 819099)
Body
To: Honorable Mayor and Members of the City Council
From: David L. Rudat, Interim City Manager
EXECUTIVE SUMMARY
Staff recommends that the City Council adopt two resolutions authorizing the Interim City Manager to execute Fourth and Fifth Amendments to the Disposition and Development Agreement for Alameda Point - Site A (DDA). The Fourth Amendment to the DDA would allow Alameda Point Partners, LLC (APP) to extend the date for closing escrow on Phase 2 for up to one year, from October 1, 2018 to October 1, 2019, by paying the Extension Fee that would be due if 50% or more of the Phase 1 Backbone Infrastructure was complete even though at this time less than 50% of the Phase 1 Backbone Infrastructure is complete. APP has requested the change in the applicable Extension Fee because, while it has been diligently pursing backbone infrastructure improvements, progress has been slowed as a result of unforeseen conditions.
The Fifth Amendment would amend the Affordable Housing Milestone Schedule in the DDA and two ground leases for Block 8, to allow Eden Housing (Eden) an additional two years (until December 31, 2020) to secure all of its financing and meet all of its conditions precedent to property transfer. While Eden will secure all its financing for the 60-unit senior housing project by November 2018, and complete construction on that project by July 2020, it needs more time to secure finan...
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