Title
Subject: Oakland Renaissance - Agreement
From: Office Of The City Auditor
Recommendation: Receive A Report From The City Auditor On The Redevelopment Agency and City Resolutions Authorizing Approval and Execution Of A Disposition And Development Agreement And Related Documents Between The Redevelopment Agency Of The City Of Oakland And Oakland Renaissance NMTC, A Non-profit Entity (Renaissance), For The Sale And Development Of The Fox Theater As A Mixed Use Entertainment, Office And School Development; In Which The Agency Appropriates The Following Financial Assistance To Renaissance For Development Of The Project: (A) An Agency Loan Of $13 Million; (B) Transfer Of $4,985,00 Of State Of California Proposition 55 Grant Funds; (C) Transfer Of $2,887,500 Of State Of California Proposition 40 Grant Funds; (D) Transfer Of $1,300,00 Insurance Proceeds For Fire Damage At The Fox Theater, And (D) Transfer Of A $375,000 California Heritage Grant