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RESOLUTION NO. 6247
RESOLUTION OF THE COUNCIL Or' THE CITY OF PALO ALTO
AUTHORIZING EXECUTION OF REVISED CONVEYANCE AGRE8-
MENT--PARKING LOT Q AIR RIGHTS PROJECT AND CONSENT-
ING TO ASSIGNMENT OF OPTION AGRE~MENT
WHEREAS, on April 14, 1981 the Council of the City of Palo Alto
awarded an Option Agreement to AK Properties for development of an air
rights project involving City of Palo Alto Parking Lot O: and
WHEREAS, on September 29, 1982 and April 26, 1983 said Option
Agreement was amended to extend the term of said option, assign the
option from AK Properties to Kinney and Kinney, a general partnership,
and substitute a Revised Conveyance Agreement, as well as other
changes: and
WHEREAS, the Optionee desires to develop the project as a corpora-
tion instead of a general partnership:
NOW, THEREFORE, the Council of the City of Palo Alto does RESOLVE
as follows:
SECTION 1. The Counc i 1 of the City of Palo Al to does hereby
authorize thf:! Mayor to execute the Revised Conveyance Agreement, as
attached to tne April 14, 1981 Option Agreement, as amended, upon
notice from the Administrator of Real Property that the Optionee has
satisfied each and every condition of said amended Option Agreement.
SECTION 2. The Council hereby authorizes the Mayor to execute any
Grant Deed required in accordance with said amended Option Agreement.
SECTION 3. The Council hereby authorizes the City Manager and
the Assistant City Attorney to execute any other documents required in
accordance with the Revised Conveyance Agreement.
SECTION 4. The Council hereby consents to the assignment of the
Option Agreement, as amended, to Kinney and Kinney, Inc., a California
Corporation.
INTRODUCED AND PASSED: April 9, 1984
AYES:
NOES:
Cobb, Fletcher, Klein, Renael, Sutorius, Woolley
Levy
ABSTENTIONS: None
ABSENT: Bechtel, Witherspoon
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