HomeMy Public PortalAbout06. Resolution 2008-171IN THE CITY COUNCIL OF THE CITY OF LIVERMORE
STATE OF CALIFORNIA
A RESOLUTION AUTHORIZING EXECUTION OF A COOPERATION
AGREEMENT WITH THE REDEVELOPMENT AGENCY OF THE CITY OF
LIVERMORE TO LOAN THE AGENCY $10,969,743 FOR THE
PURCHASE OF 2009-2111 RAILROAD AVENUE (APN 098-0289-012-08)
In May 2005, the City loaned Developer Livermore Village I, LLC $8,000,000 as a
bridge loan for acquisition of the property; and
On May 12, 2008, the Developer agreed to sell its interest in the property to the
City for $10,100,000; and
The total value of the Affordable Housing Funds in the property totals
10,969,743; and
The Redevelopment Agency intends to enter into a Disposition and Development
Agreement with a developer to construct amixed-use development consisting of retail
space, a variety of housing types, and potentially a regional performing arts theater.
NOW, THEREFORE, BE IT RESOLVED by the Livermore City Council that the
City Manager is authorized on behalf of the City of Livermore to enter into a
Cooperation and Repayment Agreement with the Redevelopment Agency of the City of
Livermore to loan the Agency $10,969,743 for the purchase of 2009-2111 Railroad
Avenue.
BE IT FURTHER RESOLVED that the City Manager is authorized to sign all
documents as may be necessary to assist the Redevelopment Agency of the City of
Livermore to purchase the property at 2009-2111 Railroad Avenue.
On the motion of Councilmember Horner, seconded by Councilmember Leider,
the foregoing resolution was passed and adopted on the 4th day of August, 2008, by the
following vote:
AYES Councilmembers Horner, Leider, Williams, Vice Mayor Marchand
NOES: None
ABSENT: Mayor Kamena
ABSTAIN: None
ATTEST & DATE:
f~-
C Y CLERK
ALICE CALVERT
APPROVED AS TO FORM:
SPECIAL COUNSEL
AMARA MORRISON
DATE: August 5, 2008
RESOLUTION NO. 2008-171