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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