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Report regarding resolutions (1) authorizing the issuance of City of South San Francisco Community Facilities District No. 2021-01 (Public Facilities and Services) Special Tax Bonds (Oyster Point), Series 2022 in a principal amount not to exceed $25 million, approving certain documents including an indenture and a preliminary official statement and taking certain other actions in connection therewith; and (2) authorizing the execution and delivery of an Amended and Restated Acquisition, Construction and Funding Agreement relating to City of South San Francisco Community Facilities District No. 2021-01 (Public Facilities and Services) and a second amendment to the Development Agreement relating to Oyster Point. (Jason Wong, Acting Director of Finance and Sky Woodruff, City Attorney)
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RECOMMENDATION
Recommendation
Staff recommends that the City Council adopt the attached:
(1) Resolution approving the issuance of bonds of City of South San Francisco Community Facilities District No. 2021-01 (Public Facilities and Services) to finance infrastructure improvements at the Oyster Point (the "CFD");
(2) Resolution approving an Amended and Restated Acquisition, Construction and Funding Agreement and a Second Amendment to the Development Agreement relating to the Oyster Point development.
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BACKGROUND/DISCUSSION
Kilroy Realty Corporation and its affiliates (collectively "Kilroy") own approximately 44 acres of land within the City located at Oyster Point. Kilroy is in the process of developing the property as a life sciences campus consisting of research and development and office buildings. At completion, the development is planned to include approximately 2.5 million square feet of rentable area, planned to be completed within four phases. Construction of the three buildings for Phase 1 is complete and has been fully leased to two tenants.
Kilroy is the assignee of Oyster Point Ventures, LLC under a Development Agreement entered into as of March ...
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