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RESOLUTION NO._____
A JOINT RESOLUTION OF THE COUNCIL OF THE CITY OF RICHMOND AND
THE GOVERNING BOARD OF THE SUCCESSOR AGENCY TO THE FORMER
RICHMOND COMMUNITY REDEVELOPMENT AGENCY APPROVING A
TWELFTH AMENDMENT TO THE DISPOSITION AND DEVELOPMENT
AGREEMENT FOR THE METROWALK PROJECT
WHEREAS, the San Francisco Bay Area Rapid Transit District (“BART”), the former Richmond Community Redevelopment Agency, and Richmond Transit LLC (“Richmond Transit”) executed that certain Disposition and Development Agreement dated as of April 11, 2002 (the “Original DDA”) addressing the development of the Metrowalk Project, a multi-phase mixed-use development (the “Project”) proposed for development adjacent to the Richmond BART Station on the “Subarea 1” parcel currently owned by the City and the “Subarea 2” and “Subarea 3” parcels currently owned by BART;
WHEREAS, the Original DDA has been previously amended to reflect the substitution of Pacific West Communities, Inc. (“Pacific”) for Richmond Transit, and to extend deadline s for development (as so amended, the “DDA”);
WHEREAS, the “Phase One” improvements described in the Original DDA, including the construction of a parking garage and other improvements in the vicinity of the Richmond BART station, have been completed;
WHEREAS, the parties to the DDA have been awarded $5 million in Infill Infrastructure Grant (IIG) financing and $43 million in Affordable Housing and Sustainable Communities (AHSC) financing to support development of infrastructure in the vicinity of the Project and the residential development to be constructed on the Subarea 1 parcel; and
WHEREAS, the parties to the DDA propose to amend the DDA to modify certain aspects of “Phase Two” of the Project to provide for, among other things the following modifications as set forth in the proposed Twelfth Amendment to the DDA (“Twelfth Amendment”): (i) the addition of the City as a party to the DDA; (ii) a modification to the scope of development that would increase the number of residential units to be developed; (iii) an increase in affordability requirements; (iv) a modification to the terms of financing to be provided by the Successor Agency that would result in a net decrease in the total amount of Successor Agency financing; (v) the lease of the City-owned Subarea 1 parcel to Pacific pursuant to a 99-year ground lease that would require the development of a 150-unit affordable multi-family development; (vi) BART’s conveyance of the Subarea 2 parcel and the Subarea 3 parcel to the City for the City’s subsequent disposition to developers selected through a Request for Proposals process; (vii) the City’s provision of an access easement to BART; and (viii) BART’s retention of the ability to install a wall near its electrical substation.
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NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE RICHMOND
CITY COUNCIL, COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA , AND
THE GOVERNING BOARD OF THE SUCCESSOR AGENCY TO THE FORMER RICHMOND COMMUNITY REDEVELOPMENT AGENCY THAT:
1. The Twelfth Amendment to the DDA is hereby approved in the form presented to the City Council and the Successor Agency governing board.
2. Staff is directed to seek the approval of the Twelfth Amendment by the Contra Costa County Oversight Board (“Oversight Board”) and the California Department of Finance (“DOF”).
3. Upon receipt of Oversight Board and DOF approval, the City Manager is authorized and directed to execute the Twelfth Amendment on behalf of the City and the Successor Agency.
4. The City Manager is hereby authorized to take such actions and execute such instruments as necessary to implement the Twelfth Amendment, including without limitation, a certificate of acceptance for the property to be conveyed by BART to the City, an easement agreement for the benefit of BART, a ground lease of Subarea 1, loan and grant documents, and affordable housing regulatory agreements.
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I certify that the foregoing resolution was passed and adopted by the Council of the City of Richmond and by the governing board of the Successor Agen cy to the former Richmond Community Redevelopment Agency at a joint meeting thereof held on ______, 2023 , by the following vote:
AYES:
NOES:
ABSTENTIONS:
ABSENT:
CLERK OF THE CITY OF RICHMOND
(SEAL)
ATTEST:
__________________________________________________________ Mayor
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Approved as to form:
__________________________________________
City Attorney