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File #: 15-0409    Version: 1 Name: Coliseum Transit Village Owner Participation Agreement (OPA)
Type: City Resolution Status: Passed
File created: 12/2/2015 In control: Meeting of the Oakland City Council
On agenda: 1/5/2016 Final action: 1/5/2016
Title: Subject: Coliseum Transit Village Owner Participation Agreement (OPA) From: Economic & Workforce Development Department Recommendation: Adopt The Following Pieces Of Legislation: 1) A Resolution Authorizing The City Administrator Or Designee To Negotiate And Execute (1) An Owner Participation Agreement Among The City Of Oakland ("City"), The Oakland Economic Development Corporation ("OEDC") And Urban Core Partners, LLC ("Urban Core") Or The City And A Related Entity Of OEDC And Urban Core And (2) A Development Loan Agreement Among The City, OEDC And Urban Core Or The City And A Related Entity Of OEDC And Urban Core For A Loan Amount Not To Exceed Eleven Million Six Hundred Thousand Dollars ($11 ,600,000) Comprised Of: (A) $8,000,000 In Previously Approved Oakland City Council Resolution No. 84516 C.M.S. Redevelopment Project Area Excess Bond Spending Plan Uses: Coliseum Transit Village Phase I; (B) Re-Allocating $3,200,000 In 2006 Coliseum Taxable Bond Funds From Coliseum BART Sta...
Sponsors: Economic & Workforce Development Department
Attachments: 1. View Report, 2. View Supplemental Report, 3. DOC012516 0125C
Related files: 15-0410

Title

Subject:                      Coliseum Transit Village Owner Participation Agreement (OPA)

From:                                          Economic & Workforce Development Department

Recommendation:  Adopt The Following Pieces Of Legislation:

 

1) A Resolution Authorizing The City Administrator Or Designee To Negotiate And Execute (1) An Owner Participation Agreement Among The City Of Oakland ("City"), The Oakland Economic Development  Corporation ("OEDC") And Urban Core Partners, LLC ("Urban Core") Or The City And A Related Entity Of OEDC And Urban Core And (2) A Development Loan Agreement Among The City, OEDC And Urban Core Or The City And A Related Entity Of OEDC And Urban Core For A Loan Amount Not To Exceed Eleven Million Six Hundred Thousand Dollars ($11 ,600,000) Comprised Of: (A) $8,000,000 In Previously Approved Oakland City Council Resolution No. 84516 C.M.S. Redevelopment Project Area Excess Bond Spending Plan Uses: Coliseum Transit Village Phase I; (B) Re-Allocating $3,200,000 In 2006 Coliseum Taxable Bond Funds From Coliseum BART Station Transit Village Infrastructure Project To The Coliseum Transit Village Phase I Project; And (C) Amending The Coliseum Redevelopment Project Area Excess Bond Spending Plan To Re-Appropriate And Re-Allocate Excess Bond Proceeds In The Amount Of $400,000 Previously Listed And Committed In The Approved Bond Spending Plan To The Coliseum City Specific Plan All In Connection With The Coliseum Transit Village Phase I Project; And