7.11 16-1138 Subject: An Ordinance Amending Ordinance No. 13387 C.M.S.
From: Economic Workforce Development Department
Recommendation: Adopt An Ordinance Amending Ordinances No. 13313 C.M.S., No. 13346 C.M.S., And No.13387 C.M.S. (Collectively "The Authorizing Ordinance") To Extend The Term Of The Ground Lease Between The City, The Spanish Speaking Unity Council And The East Bay Asian Local Development Corporation And/Or Related Entities For The Development Of Mixed Income Housing For The Fruitvale Transit Village Phase IIA From A Term Of Sixty-Six (66) Years To Ninety-Nine (99) Years
It is possible 13313 CMS is illegal as the extension of the Loan period was not present thru Sept 30 2023. But in fact as stated in page 21 of the Unity Council's September 2016 Audit pg 21
"The Board of Directors for Unity Council and Fruitvale Development Corporation (FDC) approved the terms of an October 17, 2016 agreement with the City of Oakland whereas the lease between the Cityand FDC for the Senior Center be amended to provide for an immediate payment of $3,050,000 to replace the payment of $5,100,000 due October 1, 2023 covering the period October 1, 2023 through September 30, 2057." Another loan for 40 Years? No vetting?
It is possible 13313 CMS is illegal as the extension of the Loan period was not present thru Sept 30 2023. But in fact as stated in page 21 of the Unity Council's September 2016 Audit pg 21
"The Board of Directors for Unity Council and Fruitvale Development Corporation (FDC) approved the terms of an October 17, 2016 agreement with the City of Oakland whereas the lease between the Cityand FDC for the Senior Center be amended to provide for an immediate payment of $3,050,000 to replace the payment of $5,100,000 due October 1, 2023 covering the period October 1, 2023 through September 30, 2057." Another loan for 40 Years? No vetting?