DATE: June 14, 2016
TO: Mayor and City Council
FROM: Assistant City Manager
SUBJECT
Title
Approval of an Amendment to an Exclusive Right to Negotiate Agreement with William Lyon Homes, Inc. for a Proposed Development Located in South Hayward Near Dixon and Valle Vista Avenues
End
RECOMMENDATION
Recommendation
That the Council adopts the attached resolution (Attachment I) authorizing the City Manager to enter into an amendment to the Exclusive Right to Negotiate Agreement (ERNA) with William Lyon Homes, Inc.
Body
BACKGROUND AND DISCUSSION
On January 19, 2016, the City Council authorized the City Manager to enter into an Exclusive Right to Negotiate Agreement (ERNA) with William Lyon Homes, Inc. to purchase and develop 17.76 acres of land in South Hayward near Dixon and Valle Vista Avenues (see related file CONS 16-017: Authorization to Enter into an Exclusive Right to Negotiate Agreement, January 19, 2016 City Council Meeting). The properties subject to the ERNA are identified in Attachment II to this report.
The City and William Lyon Homes have executed the ERNA and have begun the Phase One tasks outlined in that agreement. Phase One of the ERNA runs for 120 days and the tasks include work to identify:
1. Terms of sale of Development Property including purchase price
2. Preconditions to and method of conveyance of Development Property
3. Type of entitlements necessary for the Project
4. Overall design, density and mix of uses within the Project
5. Project development schedule
6. Potential Project financing
7. Project operations/logistics
8. Provision of public improvements if necessary
9. Physical, environmental, and land title conditions of Development Property
10. Green building components of the Project
11. Additional property required for completion of Project (if any)
Task 9 is probably one of the most crucial elements of Phase One because it will help William Lyon and the City ...
Click here for full text