DATE: January 8, 2024
TO: Mayor and City Council
Hayward Redevelopment Successor Agency Board of Directors
Hayward Economic Development Corporation Board of Directors
FROM: Assistant City Manager
SUBJECT
Title
Adopt Resolutions Pertaining to: City of Hayward Authorizing Conveyance of Funds to the Hayward Economic Development Corporation (Corporation); Hayward Redevelopment Successor Agency Approving the Conveyance Agreement and Consenting to the Transfer of the Property Located at 22631-228522 Foothill Blvd., and the Assignment of the Seller's Rights, Duties, and Obligations to the Corporation; and Corporation Approving the Conveyance Agreement and Assignment of Enforceable Obligations; and Finding the Action is Exempt from CEQA Review
End
RECOMMENDATION
Recommendation
That the Council adopts a resolution (Attachment II) authorizing the conveyance of $8.6 million to the Hayward Economic Development Corporation for purchase of 1069 B Street, LLC’s leasehold interest in the Cinema Place property and finding the action is exempt from CEQA review.
That the Successor Agency Board of Directors adopts a resolution (Attachment III) approving the Conveyance Agreement and consenting to the transfer of the leasehold interest in the Cinema Place property from 1069 B Street, LLC, to the Hayward Economic Development Corporation, and approving assignment of rights and duties under the various agreements that govern the relationship between the 1069 B Street, LLC and the Successor Agency, as well as finding the action is exempt from CEQA review.
That the Hayward Economic Development Corporation Board of Directors adopts a resolution (Attachment IV) approving the Conveyance Agreement for the transfer of the leasehold interest in the Cinema Place property from 1069 B Street, LLC, to the Hayward Economic Development Corporation, and accepting the assignment of rights and duties under the various agreements that govern the relationship between the Seller and the Successor Agency.
End
SUMMARY
1069 B Street, LLC, which holds a leasehold interest in the Cinema Place property, recently notified the Successor Agency of its intent to sell and transfer its rights, duties, and obligations regarding Cinema Place. In an effort to further the City’s economic development goals and activities for the downtown area, the recently formed Hayward Economic Development Corporation (Corporation) determined to purchase, from the 1069 B Street, LLC, the rights, duties, and obligations pursuant to the leasehold interest to the Cinema Place Property, for $8.5 million. In order to complete the transaction, the City authorizes a conveyance of $8.5 million from the General Fund, plus closing and other related costs to the Corporation. Furthermore, Successor Agency, as property owner, approves the conveyance agreement.
ATTACHMENTS
Attachment I Staff Report
Attachment II City Resolution
Attachment III HRSA Resolution
Attachment IV HEDC Resolution