Resolution 15438CITY OF ALAMEDA RESOLUTION NO. 15438
AUTHORIZING THE INTERIM CITY MANAGER TO EXECUTE A
FIFTH AMENDMENT TO THE DISPOSITION AND DEVELOPMENT
AGREEMENT AND ALL OTHER NECESSARY DOCUMENTS
BETWEEN THE CITY OF ALAMEDA AND EDEN HOUSING, INC. FOR
THE SITE A DEVELOPMENT AT ALAMEDA POINT
WHEREAS, the City of Alameda ("City") and Alameda Point Partners, LLC
("Developer") entered into a Disposition and Development Agreement for Alameda Point
- Site A dated as of August 6, 2015 ("Original DDA"), authorized by City of Alameda
Ordinance No. 3127, whereby the City agreed to convey to the Developer Property
located at the former Naval Air Station Alameda under certain terms and conditions and
Developer agreed to develop the Project on the Property all in accordance with a
Milestone Schedule incorporated into the Disposition and Development Agreement; and
WHEREAS, the parties entered into that certain First Amendment to Disposition
and Development Agreement dated as of February 8, 2017, and authorized by City of
Alameda Ordinance No. 3174 (the "First Amendment"), that certain Second Amendment
to Disposition and Development Agreement dated as of July 19, 2017, and authorized by
City of Alameda Ordinance No. 3185 (the "Second Amendment"), and that certain Third
Amendment to Disposition and Development Agreement dated as of March 7, 2018, and
authorized by City Council Resolution No. 15352 (the "Third Amendment"), and that
certain Fourth Amendment to Disposition and Development Agreement dated as of
October 2, 2018 and authorized by City Council Resolution No. 15437 (the "Fourth
Amendment", and together with the Original DDA, the First Amendment, the Second
Amendment, the Third Amendment, and the Fourth Amendment, the "DDA"); and
WHEREAS, on February 4, 2014, the City of Alameda certified the Alameda Point
Final EIR in compliance with the California Environmental Quality Act (CEQA), and the
Final EIR evaluated the environmental impacts of redevelopment and reuse of the lands
at Alameda Point consistent with the Town Center Plan; and
WHEREAS, the DDA contemplates development of a 68 -acre area within Alameda
Point that extends generally from the Main Street entrance of Alameda Point to the
eastern edge of the Seaplane Lagoon and includes 800 housing units (200 affordable),
600,000 square feet of commercial development, and extensive parks and utility
infrastructure (Site A Project); and
WHEREAS, the Developer and Eden Housing, Inc. ("Eden") entered into that
certain Partial Assignment and Assumption Agreement dated as of March 7, 2016,
whereby the Developer assigned to Eden certain obligations with respect to the DDA
including the obligation to construct 130 units of the very low- and low-income housing
included within the Site A Project; and
WHEREAS, Eden intends to construct 130 affordable units on Block 8 of Phase 1
of the Site A Project in two phases consistent with the DDA: 1) a family building with 70
0
units ("Family Project"), and 2) a senior building with 60 units ("Senior Project")
(collectively, "Affordable Housing Projects"); and
WHEREAS, the City and Eden entered into two ground leases for Block 8, one for
the portion of Block 8 upon which Eden expects to build the Senior Project and one for
the portion of Block 8 upon which Eden expects to build the Family Project (collectively,
the "Ground Leases"), which Ground Leases require Eden to meet the conditions for
closing in the DDA by the dates set forth in the DDA; and
WHEREAS, while Eden has been very successful at obtaining much of its required
financing for the Affordable Housing Projects, as a result of highly competitive funding
cycles, Eden has been unable to secure all of the funding necessary for the development
of the Affordable Housing Projects and to meet the conditions to closing for Block 8 by
the date set forth in the Affordable Housing Milestone Schedule attached to the Affordable
Housing Implementation Plan incorporated into the DDA; and
WHEREAS, Eden has or shortly will obtain funding commitments necessary to
proceed with the development of the Senior Project but will not have all funding
commitments in place and be ready to close by the date set forth in the Affordable
Housing Milestone Schedule; and
WHEREAS, Eden has requested an amendment to the DDA to extend the dates
within the Affordable Housing Milestone Schedule to allow for the development of the
Senior Project first with the development of the Family Project to occur in accordance with
a schedule that will allow Eden sufficient time to obtain the necessary financing for the
Family Project; and
WHEREAS, Eden has requested amendments to the Ground Leases to amend
the Milestone Schedules attached to and incorporated into the Ground Leases to be
consistent with the Affordable Housing Milestone Schedule as amended; and
WHEREAS, Eden has secured significant financing commitments to date, and is
optimistic about its ability to secure all of the financing for both phases of the affordable
housing by the deadline in the amended Affordable Housing Milestone Schedule; and
WHEREAS, the Developer and the City desire to amend the DDA in accordance
with the terms and conditions of the Fifth Amendment to the DDA; and
WHEREAS, the Alameda Point Environmental Impact Report was certified by the
City Council in February 2014 pursuant to CEQA and the City has determined that no
further environmental review is necessary as part of the approval of the Fifth Amendment
to the DDA.
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NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of
Alameda finds and determines as follows:
The Fifth Amendment to the DDA substantially in the form on file with the City
Clerk, subject only to such changes as are approved by the City Attorney and
the Interim City Manager, is hereby approved.
2. The Interim City Manager is authorized to execute the Fifth Amendment to the
DDA and to take such other actions as are contemplated and consistent with
the Fifth Amendment to the DDA.
1, the undersigned, hereby certify that the foregoing Resolution was duly and
regularly adopted and passed by the Council of the City of Alameda in a regular meeting
assembled on the 2nd day of October, 2018, by the following vote to wit:
AYES: Councilmembers Ezzy Ashcraft, Matarrese, Oddie, Vella and
Mayor Spencer — 5.
NOES: None.
ABSENT: None.
ABSTENTIONS: None.
IN WITNESS, WHEREOF, I have hereunto set my hand and affixed the official
seal of said City this 3rd day of October, 2018.
APPROVED AS TO FORM:
JaheiKern, City !At�t—
�. �Kern. City
Ci�16i Alameda
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Lara Weisiger, Cit Clerk
City of Alameda