Mountain View Whisman School District
Agenda Item for Board Meeting of 5/7/2020
Agenda Category: REVIEW AND ACTION
Agenda Item Title: Approve Amendment No. 1 to Master Development Agreement for Ground Lease and Design, Construction and Management of District Employee Housing Project with Mountain View Owner, LLC (5 minutes)
Estimated Time:
Person Responsible: Dr. Ayindé Rudolph, Superintendent
Background:
In September 2019, the Board approved the Master Development Agreement for Ground Lease and Design, Construction and Management of District Employee Housing Project with Mountain View Owner, LLC, commonly referred to as “Fortbay,” (“Development Agreement”).
The Development Agreement established a Closing Date of April 30, 2020, by which all attachments to the Development Agreement (ground lease, construction provisions, etc.), all financing, all City approvals and related items were to be completed. Fortbay and the District are continuing to complete these items and by this Amendment will agree to extend the Closing date to December 31, 2020, to complete these items.
Fiscal Implication:
None.
Recommended Action:
That the Board of Trustees Approve Amendment No. 1 to the Development Agreement with Fortbay, extending the Closing Date to December 31, 2020.
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