File #: 25-0667    Version: 1 Name:
Type: Ordinance Status: In Committee
File created: 4/22/2025 In control: *Community & Economic Development Committee
On agenda: 5/13/2025 Final action:
Title: Subject: Authorization For First Amendment To LDDA With Liberation Park Residences From: Economic And Workforce Development Department Recommendation: Adopt An Ordinance Authorizing The City Administrator To Negotiate And Execute An Amendment To The Lease Disposition And Development Agreement With Liberation Park Residences, L.P., For A Portion Of City-Owned Property Located At 73rd Avenue And Foothill Boulevard (Parcel 2), To Revise The Ground Lease Terms Of Rent Payment By Replacing The Provision Of A 55-Year Capitalized Loan In The Amount Of $1,505,004 At A 3% Interest Rate With An Annual Ground Rent Payment Of $90,331 Capped At $1,505,004, To Be Paid To The City During The 99-Year Ground Lease Term
Sponsors: Economic & Workforce Development Department
Attachments: 1. View Report, 2. View Attachment A, 3. View Attachment B, 4. View Legislation

Title

Subject:                      Authorization For First Amendment To LDDA With Liberation Park Residences

From:                                           Economic And Workforce Development Department

Recommendation: Adopt An Ordinance Authorizing The City Administrator To Negotiate And Execute An Amendment To The Lease Disposition And Development Agreement With Liberation Park Residences, L.P., For A Portion Of City-Owned Property Located At 73rd Avenue And Foothill Boulevard (Parcel 2), To Revise The Ground Lease Terms Of Rent Payment By Replacing The Provision Of A 55-Year Capitalized Loan In The Amount Of $1,505,004 At A 3% Interest Rate With An Annual Ground Rent Payment Of $90,331 Capped At $1,505,004, To Be Paid To The City During The 99-Year Ground Lease Term