File #: 22-705    Version: 1 Name: Shoreline Third Amendment to DDA and PSA
Type: Staff Report Status: Filed
In control: City Council
Meeting Date: 12/19/2022 Final action: 12/19/2022
Enactment date: Enactment #: 2022-225
Title: Adopt a Resolution to Approve and Authorize the City Manager to Execute the Third Amendment to the Purchase and Sale Agreement and Disposition and Development Agreement; and Approve and Authorize the City Manager to Execute a Promissory Note and Deed of Trust with Cal Coast Companies LLC, Inc. and Making Findings Related Thereto for the Shoreline Development Project
Sponsors: Tom Liao
Attachments: 1. Att A - Reso 3rd Amendment to Shoreline DDA_PSA KB, 2. Att B - 3rd Amendment to Shoreline DDA_PSA, 3. Ex A - Shoreline Siungle Family Promissory Note, 4. Ex B - Shoreline Single Family Deed of Trust, 5. Ex J - Revised DDA Schedule of Performance - December 2022, 6. Att C - Shoreline Development Summary Presentation, 7. Att D - Public Private Partnership Summary
Related files: 15-414, 15-441, 15-445, 20-057, 22-244, 22-245, 22-271, 22-272, 22-491, 22-578
Title
Adopt a Resolution to Approve and Authorize the City Manager to Execute the Third Amendment to the Purchase and Sale Agreement and Disposition and Development Agreement; and Approve and Authorize the City Manager to Execute a Promissory Note and Deed of Trust with Cal Coast Companies LLC, Inc. and Making Findings Related Thereto for the Shoreline Development Project

Staffreport
COUNCIL PRIORITY
* Housing and Homelessness
* Community & Business Development

SUMMARY

A Third Amendment to the Purchase and Sale Agreement and Disposition and Development Agreement, and execution of a Promissory Note and Deed of Trust are recommended for the Shoreline Development Project (Project), which will address market and regulatory challenges and facilitate the successful sale and development of the San Leandro Shoreline Project, which will bring much needed housing, hotel and retail amenities, strengthen the City's economic base by providing revenues for City services, and bring a new community park and other public infrastructure improvements.

RECOMMENDATIONS

Staff recommends that the City Council approve and authorize the City Manager to execute the Third Amendment to the Purchase and Sale Agreement and Disposition and Development Agreement, and execute a Promissory Note and Deed of Trust with Cal Coast Companies LLC, Inc. for the Shoreline Development Project.

BACKGROUND

The Shoreline Development is a public-private partnership between the City of San Leandro (City) and Cal Coast Companies LLC, Inc. (Developer) to fulfill the community's vision for a self-sustaining, high-quality, mixed-use development complemented by recreational amenities at the San Leandro Monarch Bay Shoreline Area bounded by Marina Blvd to the north, the San Francisco Bay to the west, and Fairway Drive to the south.

The Project elements include a new 210-room hotel, restaurant/banquet facility, market/retail space, 285-apartments, 144 detached single-family homes, 62 townhomes and related ...

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