RESOLUTION NO. 23-
Resolution of the City Council of the City of Hercules TERMINATING THE DISPOSITION AND DEVELOPMENT AGREEMENT FOR THE LOOP SITE (APN 406-070-042) WHEREAS, On March 8, 2005, the City of Hercules and the former Redevelopment Agency of the City of Hercules (City/Agency) approved a Disposition and Development Agreement (DDA) with Hercules New Town Center, LLC, a California limited liability company managed by Red Barn Communities Company, a California corporation (Developer); and WHEREAS, the agreement was intended to facilitate the redevelopment of the planned New Town Center along the Willow Avenue Corridor between San Pablo Avenue and Palm Avenue; and WHEREAS, on December 11, 2006, the City/Agency approved the First Minor Amendment to the DDA, intended to effectuate an agreement to advance Redevelopment Agency funds to the developer to buy out one of the members of its LLC, The Surland Companies, at its request, and to provide financial participation in the project to the Agency in return; and WHEREAS, on January 22, 2008, the City/Agency approved a second minor amendment, which adjusted the budget and schedule for the initial project and made certain other modifications; and WHEREAS, The DDA identifies “Additional Town Center Parcels,” which are other parcels in the vicinity that were considered important to the creation of the planned New Town Center and which the developer had the option to develop in accordance with the other provisions of the DDA if the developer was able to acquire an interest in them; and WHEREAS, The DDA was recorded against the “Additional Town Center Parcels”; and WHEREAS, Developer did not acquire an interest in the Loop Site; and WHEREAS, the development contemplated by the DDA did not move forward; and WHEREAS, the California legislature dissolved all redevelopment agencies in California effective February 1, 2012; and WHEREAS, the owners of the Loop Site, Hercules Hotel Development Group, have requested that the City terminate the DDA with respect to the Loop Site to facilitate the potential sale of the parcel; and WHEREAS, the City Council of the City of Hercules finds that termination of the DDA to facilitate the sale and potential development of the site is in the public interest.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Hercules as follows:
The Council hereby approves the Termination of the DDA for the Loop Site (APN 406-070-042) and authorizes the City Manager to execute all related documents that are substantially similar to the approved draft.
The foregoing Resolution was duly and regularly adopted at a regular meeting of the City Council of the City of Hercules held on the twenty-fourth day of October 2023, by the following vote of the Council:
AYES:
NOES:
ABSENT:
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Alex Walker-Griffin, Mayor
ATTEST:
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Eibleis Melendez, City Clerk