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Resolution of the City Council of the City of South San Francisco as Legislative Body for the City of South San Francisco Community Facilities District No. 2021-01 (Public Facilities and Services), City of South San Francisco, County of San Mateo, State of California, Approving an Amended and Restated Acquisition, Construction and Funding Agreement and Resolution of the City Council of the City of South San Francisco Approving a Second Amendment to the Development Agreement relating to the Oyster Point Development.
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WHEREAS, pursuant to a petition submitted by KR Oyster Point III, LLC, a Delaware limited liability company (“OP III”), which petition met the requirements of Section 53318 of the Act (defined below), the City Council (the “City Council”) of the City of South San Francisco (the “City”) has formed City of South San Francisco Community Facilities District No. 2021-01 (Public Facilities and Services), City of South San Francisco, County of San Mateo, State of California (the “District”) pursuant to the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5 of Part 1 of Division 2 of Title 5 of the Government Code of the State of California (the “Act”); and
WHEREAS, the District is now authorized to levy special taxes within its boundaries and to issue bonds (the “Bonds”) secured by such special taxes to fund certain public improvements which benefit the District (the “Improvements”); and
WHEREAS, Kilroy Oyster Point I, LLC; Kilroy Oyster Point II, LLC; Kilroy Oyster Point III, LLC; and KR Crescent Beach, LLC (collectively the “Property Owners”), wholly-owned subsidiaries of Kilroy Realty, L.P. (“Developer”) own all of the property within the District; and
WHEREAS, Kilroy Realty TRS, Inc., another wholly-owned subsidiary of Developer, and the City (acting for itself and on behalf of the District) desire to enter into the Amended and Restated Acquisition, Construction and Funding Agreement (the “Amended and Restated Acquisition Agreement”), attached hereto and incorporated herein as Exhibit 1, to constitute a formal understanding between the parties concerning financial and other obligations and responsibilities related to the formation of the District, the Improvements to be financed by the District, and to set forth the conditions upon which the District will reimburse the Developer or its designee for certain costs of the Improvements constructed by or on behalf of the Developer, including from proceeds of the Bonds, to the extent available; and
WHEREAS, the Amended and Restated Acquisition Agreement repeals and replaces the Acquisition, Construction, and Funding Agreement entered into by the Parties in May of 2021; and
WHEREAS, KP Oyster Point Developer, LLC, a wholly-owned subsidiary of Developer, and the City desire to enter into a Second Amendment to the Development Agreement, (“Second Amendment”), attached hereto and incorporated herein as Exhibit 2, to provide that in the event that the Developer, on behalf of the Property Owners, seeks to subdivide parcels within the boundaries of the District in a manner that results in each building being on its own assessor’s parcel and such new assessor’s parcel does not have sufficient parking for the building thereon, the Developer shall record appropriate reciprocal easements or other similar instruments to provide all affected buildings with approximately proportionate parking and access rights with respect to each newly created assessor’s parcel.
NOW, THEREFORE, the City Council of the City of South San Francisco, does hereby resolve as follows:
1. Each of the above recitals is true and correct.
2. The Amended and Restated Acquisition Agreement, attached hereto and incorporated herein as Exhibit 1, is approved as to form, subject to any minor modifications, clarifications, or revisions approved by the City Manager and the City Attorney, and the City Manager is authorized to execute the Amended and Restated Acquisition Agreement.
3. The Second Amendment, attached hereto and incorporated herein as Exhibit 2, is approved as to form, subject to any minor modifications, clarifications, or revisions approved by the City Manager and the City Attorney, and the City Manager is authorized to execute the Second Amendment.
4. The City Manager is authorized to take any other related action reasonably necessary to carry out the intent of this resolution.
5. This resolution shall take effect immediately upon its passage.
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