Resolution approving and authorizing the Director of Property to enter into a Fifth Amendment to the option agreement (“Option Agreement”) for the purchase of the Hoedown Yard located at the northeast corner of Illinois and 22nd Streets from the Pacific Gas and Electric Company for $63.37 per square foot or approximately $8,283,726; and authorizing the Director of Property to enter into any additions, amendments, or other modifications to the Lease that do not materially increase the obligations or liabilities of the City to effectuate the purposes of the Fifth Amendment or this Resolution.

The Board approved Resolution No. 54-14, endorsing the terms for the Purchase Option for the Hoedown Yard property.

The Board approved Resolution No. 275-14, which formalized the Option Agreement with PG&E for the Hoedown Yard.

The City was unable to exercise the Purchase Option by the initial deadline due to unforeseen circumstances, including PG&E's bankruptcy and the COVID-19 pandemic.

The City and PG&E agreed to extend the Option Exercise Period to April 30, 2022, through an administrative amendment.

The Option Exercise Period was further extended to July 22, 2024, allowing more time for the City to consider exercising the Purchase Option.

The Port expressed support for extending the City's option to purchase the Hoedown Yard to facilitate the relocation of PG&E's operations and future development.

The Board adopted the resolution to authorize the Director of Property to enter into a Fifth Amendment to the Option Agreement, extending the purchase option until July 22, 2029.