NOTICE AND DIGEST
AN ORDINANCE:
AUTHORIZING THE CITY ADMINISTRATOR TO (A) NEGOTIATE AND EXE-
CUTE A LEASE DISPOSITION AND DEVELOPMENT AGREEMENT BE-
TWEEN THE CITY OF OAKLAND AND LIBERATION PARK RESIDENCE S, L.P. (“RESIDENTIAL DEVELOPER”), OR ITS AFFILIATES, FOR D EVELOP- MENT OF 119 UNITS OF AFFORDABLE HOUSING ON A PORTION O F THE PROPERTY LOCATED AT 73RD AVENUE AND FOOTHILL BOULEVA RD (“P- ARCEL 2”), WITH A TERM OF TWO AND ONE-HALF YEARS WITH TWO ONE-YEAR ADMINISTRATIVE EXTENSION OPTIONS, (B) A 99-YEAR GROUND LEASE, AND (C) A 55-YEAR CAPITALIZED LOAN IN TH E AMOUNT EQUAL TO $1,505,004; AND ADOPTING CALIFORNIA ENV IRON-
MENTAL QUALITY ACT FINDINGS
Notice of Publication
ThisOrdinancewouldauthorizetheCityAdministrato rtoenterintoa LeaseDispositionandDevelopmentAgreement(“LDDA” )and99-year groundleaseforthedevelopmentof119unitsofaffordablehousingon approximatelyonehalfofaCity-ownedpropertyloca tedat73rdAve- nueandFoothillBoulevardinOakland.TheLDDAwou ldhaveaninitial termoftwoandone-halfyears,withtwoone-yeare xtensionoptions.
Thetermsoftheagreementswouldbesubstantially consistentwith thenegotiatedtermsheetsattachedtotheAgendaR eportforthisOr- dinance.Thegroundleasewouldbefinancedthrougha55-yearcapital loanfromtheCityintheamountof$1,505,004,whi chisequaltothe proportionalfairmarketvalueoftheParcel2.Paym entsontheloan wouldbeatbelowmarketrateinterestof3%,with paymentsdeferred until the project produces residual receipts. The Ordinance adopts findingsthatsuchbelowmarketrateloanisinthebestinterestsofthe Cityandthattheprojectisnotsubjecttofurtherenvironmentalreview underCEQA.
ThisOrdinancewasintroducedattheSpecialCityCoun cilmeeting, Tuesdayevening
February 20, 2024 ,andpassedtoprint 8 Ayes, Fife,
Gallo, Kalb, Kaplan, Ramachandran, Reid, Fortunado Bas, And Jenkins .
FinaladoptionhasbeenscheduledfortheSpecialCityCouncilmeeting Wednesdayevening March 6, 2024, 5:00 p.m. ,atOneFrankH.Ogawa Plaza,CouncilChamber,3rdfloor,Oakland,Californ iaandviaTelecon- ference.
Threefullcopiesareavailableforuseandexaminationbythepublicin theOfficeoftheCityClerkatOneFrankH.OgawaP laza,1stfloor,Oak- land,California.
ASHAREED,CityClerk
OT 6812830; Mar. 1, 2024