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File #: 20-0807    Version: Name:
Type: Ordinance Status: Passed
File created: 11/12/2020 In control: Special Concurrent Meeting of the Oakland Redevelopment Successor Agency/City Council
On agenda: 12/15/2020 Final action: 12/15/2020
Title: Subject: Fox Theater Asset Transfer And Loan Termination From: Economic Workforce Development Department Recommendation: Adopt The Following Pieces Of Legislation; 1) An Ordinance Authorizing The City Administrator Or Designee To: (1) Accept From The Oakland Redevelopment Successor Agency (“ORSA”) By Grant Deed, A Fee Simple Interest In The Fox Theater, Pursuant To The Long-Range Property Management Plan; (2) Execute An Assignment Of The Amended Ground Lease For The Fox Theater With ORSA As Assignor And Current Ground Lessor, The City As Assignee And New Ground Lessor, And The Fox Oakland Theater, Inc. (“FOT”) As Ground Lessee, For A Term Of 16 Years; And (3) Execute A Leaseback Agreement For The Fox Theater Between FOT As Lessor And The City As Lessee For A Term Of 16 Years At A Rate Of $247,500 Per Year, Totaling Approximately $3.96 Million, With A City Option To Purchase The Improvements For A Nominal Amount Of One Dollar Upon FOT’s Satisfaction Of A Pledge To Pay ORSA The Amo...
Attachments: 1. View Report, 2. View Report - Attachment A, 3. View Report - Attachment B, 4. View Legislation, 5. View Presentation - 11/25/2020, 6. 13629 CMS
Related files: 20-0810, 20-0812

Title

Subject:                     Fox Theater Asset Transfer And Loan Termination                     

From:                                          Economic Workforce Development Department                                           

Recommendation: Adopt The Following Pieces Of Legislation;

 

1) An Ordinance Authorizing The City Administrator Or Designee To: (1) Accept From The Oakland Redevelopment Successor Agency (“ORSA”) By Grant Deed, A Fee Simple Interest In The Fox Theater, Pursuant To The Long-Range Property Management Plan; (2) Execute An Assignment Of The Amended Ground Lease For The Fox Theater With ORSA As Assignor And Current Ground Lessor, The City As Assignee And New Ground Lessor, And The Fox Oakland Theater, Inc. (“FOT”) As Ground Lessee, For A Term Of 16 Years; And (3) Execute A Leaseback Agreement For The Fox Theater Between FOT As Lessor And The City As Lessee For A Term Of 16 Years At A Rate Of $247,500 Per Year, Totaling Approximately $3.96 Million, With A City Option To Purchase The Improvements For A Nominal Amount Of One Dollar Upon FOT’s Satisfaction Of A Pledge To Pay ORSA The Amount Of $3.96 Million, Payable In Annual Installments Of $247,500 For A Term Of 16 Years; And