On February 4, 2014, the City Council approved a five-year Tax Abatement Agreement (Agreement) with Park Ridge Multi-Family L.P., assigned to affiliate, Berkeley Apartments, Phase II (Company) related to the construction of a multi-family project with 310 residential units located at 2521 Frazier Avenue in the Berry/University Neighborhood Empowerment Zone Mayor and Council Communication (M&C C-26660), City Secretary Contract No. 46559 as amended by City Secretary Contract No. 46559-CA1.
The Company now wishes to sell the development to Crest Berkeley TIC I, LLC, Crest Berkeley TIC II, LLC, and Crest Berkeley TIC III, LLC, (Purchaser). As part of the proposed sale, the Company has requested an assignment of the Agreement to the Purchaser, so that the Purchaser may continue to receive the tax abatement for the remainder of the term of the Agreement. Under the Agreement, the Company is prohibited from assigning the Agreement to another party without the City Council's consent. In order to facilitate the transaction, a Consent to Assignment Agreement between the City, the Company and the Purchaser will be required. The Company has constructed all the required improvements, as set forth in the Agreement, and the Purchaser will be required to meet all ongoing obligations of the Company under the Agreement. The City will continue to receive the public benefits resulting from development of this project. The multi-family project is located in COUNCIL DISTRICT 9.
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