Excerpt:

Exhibits:

1. 4th Amendment to DDA

2. 5th Amendment to DDA

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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 financing and meet its conditions precedent to property transfer for the 70-unit family project.