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OCII increases Century Urban contract to $160,000 to support Block 4 financial review
Summary
The commission approved a third amendment to Century Urban's professional services contract, increasing the not-to-exceed amount to $160,000 to fund additional financial analysis and real estate advisory work tied to the Block 4 negotiations; vote was unanimous.
The commission on June 15 authorized a third amendment to OCII's existing personal services contract with Century Urban LLC, increasing the not-to-exceed amount by $63,000 to a new total of $160,000 to allow additional financial analysis and real-estate advisory services related to the Transbay Block 4 negotiations.
Paige Peltzer, development services specialist, said Century Urban has reviewed multiple developer financial models and validated construction-cost inputs and appraisals used in earlier negotiations. The amendment extends the contract beyond June 30, 2021 and provides budget authority to continue support as staff finalizes recommendations on the Block 4 program.
Commissioner Brackett sought clarification on the contract history and relative increase. Brackett noted the original 2017 contract was for $45,000 and asked about cumulative amendments; staff confirmed costs under the option agreement are reimbursable by the Block 4 developer. "All costs, under the option agreement are reimbursable by the block for developer," staff said.
Commissioner Brackett moved to approve the amendment and Commissioner Scott seconded; roll call vote was 5 ayes and the motion carried. Commissioners requested that consultant analyses and responses to developer assumptions be included in future meeting packets.
OCII staff said Century Urban's expanded work will help document agreed-upon economics, validate construction cost estimates and run sensitivity analyses to inform OCII's negotiation position and any future actions.
