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2) A Resolution Authorizing (1) The Oakland Redevelopment Agency To Dispose Of The Fox Theater Property To Fox Oakland Theater, Inc., A Non-Profit Corporation Pursuant To A Disposition And Development Agreement (DDA) That Will Initially Be 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 Theater, Inc. (FOT), A Separate 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, And The 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 For 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 Contracts;
(f) Authorizing A Loan Repayment Guarantee From The Agency To A Conventional Lender Not To Exceed $6,500,000
(g) Authorizing A Continge...
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