NOTICE AND DIGEST
ORDINANCE: (1) AUTHORIZING THE CITY ADMINISTRATOR T O NEGOTI-
ATE AND EXECUTE A LEASE DISPOSITION AND DEVELOPMENT AGREE- MENT BETWEEN THE CITY OF OAKLAND (“CITY”) AND SATEL LITE AF- FORDABLE HOUSING ASSOCIATES OR ITS AFFILIATE (“DEVE LOPER”), FOR DEVELOPMENT OF 94 UNITS OF AFFORDABLE HOUSING O N A POR- TION OF THE 12TH STREET REMAINDER (“PARCEL 2”), LOC ATED AT EAST 12TH STREET AND 2ND AVENUE, WITH A TERM OF THR EE YEARS WITH A ONE-YEAR EXTENSION;
(2) AUTHORIZING THE CITY ADMINISTRATOR TO NEGOTIATE AND EXE- CUTE A 99-YEAR GROUND LEASE BETWEEN THE CITY AND DE VELOPER WITH $1 PER YEAR BASE RENT PLUS RENT BASED ON THE A PPRAISED $3,760,000 FAIR MARKET VALUE OF PARCEL 2;
(3) MAKING A SURPLUS LAND ACT EXEMPTION DETERMINATI ON; AND (4) ADOPTING CALIFORNIA ENVIRONMENTAL QUALITY ACT F INDINGS This Ordinance (1) authorizes the disposition by a 997 year lease of a portion of City7owned property commonly known as the 12th Street Re7 mainder (“Parcel 2”) to Satellite Affordable Housing As sociates, a Cali7 fornia nonprofit public benefit corporation, or its affiliate (“Developer”) with $1 per year base rent plus rent based on the appra ised $3,760,000 fair market value of Parcel 2, for the development of 94 units of afford7 able housing pursuant to a Lease Disposition and Devel opment Agree7 ment between the City and Developer with a term of three years with a one7year extension; (2) makes findings regarding exe mption from the Surplus Land Act, and (3) adopts California Environmen tal Quality Act findings.
Notice of Publication
This Ordinance was introduced at the City Council meetin g, Tuesday evening February 4, 2025 , and passed to print 7 Ayes; 1 Absent - Jen- kins . Final adoption has been scheduled for the City Counc il meeting Tuesday evening February 18, 2025, 3:30 P.M. , at One Frank H. Ogawa Plaza, Council Chamber, 3rd floor, Oakland, California, and via Telecon7 ference.
Three full copies are available for use and examination by the public in the Office of the City Clerk at One Frank H. Ogawa Plaz a, 1st floor, Oak7 land, California.
ASHA REED, City Clerk
OT 6879444; Feb. 14, 2025