File #: 22-1004    Version: Name:
Type: Ordinance Status: Passed
File created: 12/14/2022 In control: Special Concurrent Meeting of the Oakland Redevelopment Successor Agency/City Council
On agenda: 1/31/2023 Final action: 1/31/2023
Title: Subject: East 12th Street Remainder Parcel 1 LDDA & Ground Lease From: Economic And Workforce Development Department Recommendation: Adopt An Ordinance: (1) Authorizing The City Administrator To Negotiate And Execute A Lease Disposition And Development Agreement Between The City Of Oakland (“City”) And East 12th Street Housing, Lp (“Developer”), For Development Of 91 Units Of Affordable Housing On A Portion Of The 12th Street Remainder (“Parcel 1”), Located At East 12th Street And 2nd Avenue, With A Term Of Two Years With A One-Year Extension; (2) Authorizing The City Administrator To Negotiate And Execute A 99-Year Ground Lease Between The City And Developer With $1 Per Year Base Rent Plus Rent Based On The Appraised $4,000,000 Fair Market Value Of Parcel 1; (3) Making A Surplus Land Act Exemption Determination; And (4) Adopting California Environmental Quality Act Findings
Sponsors: Economic & Workforce Development Department
Attachments: 1. View Report, 2. View Attachment A, 3. View Attachment B, 4. View Legislation, 5. 13724 CMS

Title

Subject:                       East 12th Street Remainder Parcel 1 LDDA & Ground Lease

From:                                          Economic And Workforce Development Department

Recommendation: Adopt An Ordinance:  (1) Authorizing The City Administrator To Negotiate And Execute A Lease Disposition And Development Agreement Between The City Of Oakland (“City”) And East 12th Street Housing, Lp (“Developer”), For Development Of 91 Units Of Affordable Housing On A Portion Of The 12th Street Remainder (“Parcel 1”), Located At East 12th Street And 2nd Avenue, With A Term Of Two Years With A One-Year Extension; (2) Authorizing The City Administrator To Negotiate And Execute A 99-Year Ground Lease Between The City And Developer With $1 Per Year Base Rent Plus Rent Based On The Appraised $4,000,000 Fair Market Value Of Parcel 1; (3) Making A Surplus Land Act Exemption Determination; And (4) Adopting California Environmental Quality Act Findings