Title
Resolution authorizing the City Manager to execute the Third Amendment to the Purchase and Sale Agreement with Ensemble Investments, LLC for the disposition of a City-owned property located at 367 Marina Boulevard (APN 015-011-350) for a hotel development.
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WHEREAS, the City is the owner of certain real property (the "Property") located in the City of South San Francisco, California, known as County Assessor's Parcel Number (APN) 015-011-350; and
WHEREAS, on March 23, 2011, the City Council approved the Oyster Point Specific Plan and certified the Phase 1 Project Environmental Impact Report which, among other things, planned for and analyzed the potential environmental impacts of developing a new, full-service hotel with up to 350 rooms on the Property; and
WHEREAS, a Disposition and Development Agreement ("DDA") was executed on March 23, 2011, between Oyster Point Ventures, LLC, the South San Francisco Redevelopment Agency, and the City of South San Francisco for the master development of Oyster Point, including the potential development of a hotel on the Property; and
WHEREAS, the DDA was assigned to Kilroy Realty ("Kilroy") in 2018; and
WHEREAS, the DDA requires Kilroy to perform certain site work, grading, and installation of certain infrastructure to prepare for the Property for development, which will be completed, satisfying their obligation, in 2023; and
WHEREAS, in 2017, the City solicited a hotel developer for a proposed development on the Property through an RFQ/RFP process; and
WHEREAS, on December 11, 2017, the City's Housing Standing Committee recommended that the City Council approve Ensemble Investments, LLC ("Ensemble") to develop a full-service hotel on the Property and recommended that the City Council authorize the City Manager to enter into an Exclusive Negotiating Rights Agreement ("ENRA") with Ensemble for the development of the Property; and
WHEREAS, on April 11, 2018, the City Council autho...
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