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Title:
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Resolution 1) approving and authorizing the City to execute a Repayment Agreement (“Agreement”) with Baker Places, Inc. (“Baker”), requiring Baker to repay to the City a debt amount of $7,669,814 (“Debt”) over a 23-year term from April 1, 2024, through January 31, 2046, including a parent guaranty by Baker’s parent company PRC, and a collateralization of two Baker/PRC real property assets to secure the Debt, pursuant to Charter, Section 9.118; 2) approving and authorizing the Director of Property, on behalf of the Department of Public Health, to acquire certain property located at 333-7th Street for an amount of $3,000,000 plus an estimated $8,200 for closing costs; 3) approving and authorizing an Agreement of Purchase and Sale for Real Estate for the acquisition of the Property from Baker (the “Purchase Agreement”); 4) authorizing the Director of Property to execute the Purchase Agreement, make certain modifications, and take such actions in furtherance of this Resolution and the Purchase Agreement, as defined herein, effective upon approval of this Resolution; 5) affirming the Planning Department’s determination under the California Environmental Quality Act; and 6) adopting the Planning Department’s findings that the Purchase Agreement, and the transaction contemplated therein, is consistent with the General Plan, and the eight priority policies of Planning Code, Section 101.1.
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