3.5 25-0667 Subject: Ordinance Authorizing First Amendment To LDDA With Liberation Park Residences From: Economic And Workforce Development Department Recommendation: Adopt An Ordinance Authorizing The City Administrator To Negotiate And Execute An Amendment To The Ground Lease With Liberation Park Residences, L.P., For A Portion Of City-Owned Property Located At 73rd Avenue And Foothill Boulevard (Parcel 2), To Revise The Ground Lease Terms Of Rent Payment By Replacing The Provision Of A 55-Year Capitalized Loan In The Amount Of $1,505,004 At A 3% Interest Rate With An Annual Ground Rent Payment Of $90,331 Capped At $1,505,004, To Be Paid To The City Over The Duration Of The 99-Year Ground Lease Term; On The May 13, 2025 Community And Economic Development Committee Agenda - City of Oakland

Meeting: *Rules & Legislation Committee on 2025-04-24 10:30 AM

Meeting Time: April 24, 2025 at 10:30am PDT

Note: The online Request to Speak window has expired.

The online Comment window has expired

Agenda Item

3.5 25-0667 Subject: Ordinance Authorizing First Amendment To LDDA With Liberation Park Residences From: Economic And Workforce Development Department Recommendation: Adopt An Ordinance Authorizing The City Administrator To Negotiate And Execute An Amendment To The Ground Lease With Liberation Park Residences, L.P., For A Portion Of City-Owned Property Located At 73rd Avenue And Foothill Boulevard (Parcel 2), To Revise The Ground Lease Terms Of Rent Payment By Replacing The Provision Of A 55-Year Capitalized Loan In The Amount Of $1,505,004 At A 3% Interest Rate With An Annual Ground Rent Payment Of $90,331 Capped At $1,505,004, To Be Paid To The City Over The Duration Of The 99-Year Ground Lease Term; On The May 13, 2025 Community And Economic Development Committee Agenda