HomeMy WebLinkAboutCC Resolution 12794 (Corp. Center)RESOLUTION NO. 12794
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL
ENDORSING AN AGREEMENT BETWEEN THE SAN RAFAEL REDEVELOPMENT
AGENCY AND SEAGATE SR CORPORATE CENTER LLC FOR A POSTPONEMENT
OF THE CONSTRUCTION SCHEDULE TO COMPLETE THE PHASE II BUILDINGS
FOR THE SAN RAFAEL CORPORATE CENTER PROJECT
WI IEREAS, on February 17, 1998 the San Rafael City Council approved a Development
Agreement with Fair, Isaac and Company, Inc. ("Fair, Isaac") for the development of a phased
office park on property located at Second and Lindaro Streets now known and hereafter referred
to as the San Rafael Corporate Center; and
WHEREAS, on May 18, 1998, in connection with the City Council's approval of the
Development Agreement, the San Rafael Redevelopment Agency entered into an Owner
Participation, Disposition and Development Agreement (the "OPDDA") providing for the sale to
and development by Fair, Isaac of certain Agency real property as part of the San Rafael
Corporate Center; and
WHEREAS, the San Rafael Corporate Center project, including title to the properties
subject to the Development Agreement and the OPDDA and all the rights and obligations of
Fair, Isaac under the Development Agreement and the OPDDA and all amendments to those
agreements, have since been comprehensively assigned and transferred to a new property
owner/developer called Seagate SR Corporate Center LLC, a California limited liability
company (hereafter "Seagate SRCC"); and
WHEREAS, the OPDDA establishes the schedule for construction of the San Rafael
Corporate Center, and provides, in part, that once Seagate SRCC commences construction on
Phase II of the project it must diligently pursue construction of the remaining structures and
parking without interruption until completion; and
WHEREAS, Section 9.04 of the OPDDA provides that times of performance under the
OPDDA may be extended in writing by the Agency and the developer; and
WHEREAS, Seagate SRCC has commenced construction of Phase II in compliance with
the Development Agreement and the OPDDA, and expects to complete construction of the office
buildings at 770 and 790 Lindaro Street and the parking garage at 775 Lindaro Street in
September 2009; and
WHEREAS, to continue to comply with the required construction schedule, Seagate
SRCC will be required to commence construction on the final Phase II office building, at 791
Lincoln Avenue, and parking garage, at 788 Lincoln Avenue, immediately following completion
of the structures now under construction; and
WHEREAS, by letter dated June 22, 2009, Seagate SRCC has requested that the Agency
Board agree to a postponement of the commencement of construction of the 791 Lincoln Avenue
office building and the 788 Lincoln Avenue parking garage for a period of thirty (30) months,
with the agreement that a second thirty (30) month extension may be granted by the Agency
Board upon reasonable request by Seagate SRCC; and
WHEREAS, Seagate SRCC has cited the adverse impacts of the nation's current severe
economic recession on local office vacancy rates, and the limited availability of commercial real
estate construction financing, as reasons for its request to postpone construction; and
WIIEREAS, earlier on this date, the Agency Board adopted its Resolution No. 2009-11
agreeing to the postponement of the commencement of construction of the 791 Lincoln Avenue
office building and the 788 Lincoln Avenue parking garage requested by Seagate SRCC, as more
particularly set forth in that Resolution; and
WHEREAS, the City Council finds that the approved postponement is consistent with the
terms of the Development Agreement and is in the best interests of the City of San Rafael and its
residents.
NOW, THEREFORE, IT IS HEREBY RESOLVED that the City Council hereby
endorses the agreement between the Agency and Seagate SRCC for a postponement of the
commencement of construction of the 791 Lincoln Avenue office building and the 788 Lincoln
Avenue parking garage, as more particularly set forth in Agency Board Resolution No. 2009-11
adopted earlier on this date.
I, ESTHER C. BEIRNE, City Clerk of the City of San Rafael, hereby certify that the
foregoing was duly and regularly introduced and adopted at a regular meeting of the City
Council of the City of San Rafael held on the 20th day of July 2009 by the following vote:
AYES: COUNCILMEMBERS: Brockbank, Connolly, Ileller, Miller & Mayor Boro
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
ESTHER C. BEIRNE, City Clerk
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