City of Oakland - File #: 06-0394

• File #: 06-0394
• Version: 2
• Name: Transfer And Development Of The Fox Theater
• Type: City Resolution
• Status: Passed
• File created: 5/10/2006
• In control: Meeting of the Oakland City Council
• On agenda: 6/27/2006
• Final action: 7/18/2006
• Title: Subject: Transfer And Development Of The Fox Theater From: Community and Economic Development Agency Recommendation: Adopt The Following Pieces Of Legislation: 1) Conduct A Public Hearing And Upon Conclusion Adopt The Following Pieces Of Legislation: 1) An Agency Resolution Authorizing The Agency Administrator To Enter Into An Amended And Restated Disposition And Development Agreement (DDA) Between The Agency And Oakland Renaissance NMTC, Inc. (ORNMTC), A Non-Profit Entity, And Authorizing The Assignment Of The DDA And Transfer Of The Fox Theater Property To The Fox Oakland Theatre, Inc. (FOT), A Non-Profit Entity, By Sale For $6,500,000 Or Long Term Lease Based On A Transfer Value Of $6,500,000, And Development Of The Property As A Mixed Use Entertainment, Office And School Facility, Which DDA Will Include The Following Provisions: (a) Authorizing Subsequent Transfer From FOT By Sale, Or Long Term Lease Of The Fox Theater Property To A For Profit Development Entity Crea...
• Sponsors: Community & Economic Development Agency

Date	Ver.	Action By	Action	Result
7/18/2006	2	*Special Concurrent Meeting of the Oakland Redevelopment Agency/City Council	Adopted as Amended	Pass
6/27/2006	1	*Special Concurrent Meeting of the Redevelopment Agency and Council Community & Economic Development Committee	Approved the Recommendation of Staff, and Forward	Pass
5/11/2006	1	*Rules & Legislation Committee	Scheduled

Title
Subject: Transfer And Development Of The Fox Theater
From: Community and Economic Development Agency
Recommendation: Adopt The Following Pieces Of Legislation:

1) Conduct A Public Hearing And Upon Conclusion Adopt The Following Pieces Of Legislation:

1) An Agency Resolution Authorizing The Agency Administrator To Enter Into An Amended And Restated Disposition And Development Agreement (DDA) Between The Agency And Oakland Renaissance NMTC, Inc. (ORNMTC), A Non-Profit Entity, And Authorizing The Assignment Of The DDA And Transfer Of The Fox Theater Property To The Fox Oakland Theatre, Inc. (FOT), A Non-Profit Entity, By Sale For $6,500,000 Or Long Term Lease Based On A Transfer Value Of $6,500,000, And Development Of The Property As A Mixed Use Entertainment, Office And School Facility, Which DDA Will Include The Following Provisions:

(a) Authorizing Subsequent Transfer From FOT By Sale, Or Long Term Lease Of The Fox Theater Property To A For Profit Development Entity Created By FOT In Order To Take Advantage Of Tax Credits;

(b) Authorizing A Loan Not To Exceed $32,000,000 To FOT To Partially Fund The Project To Be Comprised Of The Following: i) A Site Acquisition Loan Of $6,500,000 To Finance The Purchase Of The Property From The Agency, ii) The $3,000,000 Predevelopment Loan Previously Authorized In The DDA, iii) An Additional Predevelopment Loan Not To Exceed $1,050,000 To Be Used Prior To Transfer Of The Fox Theater, And iv) An Additional Development Loan Not To Exceed $21,450,000 To Be Used To Complete Construction Of The Project;

(c) Approving Essential Terms For The Oakland School Of The Arts Lease For Use Of A Portion Of The Fox Commercial Space As A Charter School;

(d) Approving Essential Terms For The Another Planet Entertainment Lease For Operation Of The Fox Theatre;

(e) Authorizing The Developer to Waive Competitive Bidding And Request For Proposal Requirements For All Professional Services, Procurement And Construction...