Extend Point Molate development agreement through May 2010

Point MolateContractsContract

In Plain English

The city has a development agreement with Upstream Point Molate LLC that includes monthly payments of $90,000. This extension continues the agreement for a third period until May 20, 2010. Point Molate is a waterfront area where the city is working with a developer on future projects.

Auto-generated summary. Source: official agenda documents.

Votes

Extend the Point Molate LDA with Upstream

Passed

3 to 1

NBTBGMJRJRJV

Why This Vote Matters

The council voted 4-1 to extend a development agreement with Upstream Point Molate LLC for the Point Molate waterfront area until May 20, 2010, with two members abstaining. Under this agreement, the developer pays the city $90,000 monthly while they work together on future development projects for the site. Councilmember McLaughlin cast the lone opposing vote, while Councilmembers Ritterman and Viramontes abstained from voting. This marks the third extension of the original development agreement.

Auto-generated context. Source: official meeting records.