...Title
Actions Related to the Potential Transfer of Title of the Property Commonly Referred to as the Signia by Hilton Annex “South Tower Property”, Located at 170 S. Market Street.
...Recommendations
(a) Adopt a resolution:
(1) Consenting to the transfer of title to the property currently owned by SC SJ Holdings, LLC, commonly referred to as the Signia by Hilton “South Tower Property” located at 170 S. Market St., to AG170, LLC;
(2) Consenting to the separation of the North Tower Property and the South Tower Property as referenced in the Lot Tie Agreement and Covenant Regarding Transfer and Certain Services dated March 15, 2002 between Light Tower Associates I, LLC and Light Tower Associates II, LLC and subsequent termination of the same Agreement by the Parties; and
(3) Authorizing the City Manager or designee to negotiate and execute any documents as necessary to memorialize the City’s consent.
(b) Adopt a resolution authorizing the Director of Public Works to negotiate and execute an amendment to the Amended and Restated Revocable Encroachment Permit for the Operation and Maintenance of Underground Service Tunnel and Above-Ground Pedestrian Bridge dated March 20, 2002, and entered into by and among Light Tower Associates I, LLC, Light Tower Associates II, LLC, and the City to provide that the obligation to remove the above ground pedestrian bridge pursuant to the terms of the permit will rest solely with the owner of the South Tower Property, and its successors and assigns, and the obligation to remove the underground service tunnel pursuant to the terms of the permit will rest solely with the owner of the property commonly referred to as the Signia by Hilton “North Tower Property” located at 170 S. Market St., and its successors and assigns.
CEQA: Not a Project, File No. PP17-003, Agreements/Contracts (New or Amended) resulting in no physical changes to the environment. Council District 3. (Economic Development and Cultural Affairs)