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OCII OKs extension for Transbay Block 4 option, staff to pursue appraisal and DDA schematic
Summary
The Commission on Community Investment and Infrastructure authorized a fourth amendment to the Block 4 option with F4 Transbay Partners, extending the outside exercise date to March 31, 2022 (with a possible three‑month executive extension) so staff can complete schematic design work and a two‑party appraisal to set land price.
The Commission on Community Investment and Infrastructure on Sept. 21 authorized a fourth amendment to the option agreement with F4 Transbay Partners LLC for Transbay Block 4, extending the outside exercise date to March 31, 2022 and giving the executive director discretion to add a three‑month extension if needed to finalize DDA schematic design and the land valuation.
Staff development specialist Kim Obstfeld told commissioners the amendment would insert a revised appraisal program into the option agreement, allow 45 days to resolve key DDA and schematic design items, and enable the two‑party appraisal process established in the option agreement to determine the land price. Obstfeld said the option currently establishes a land price of $45,000,000 but that…
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