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Committee approves forwarding acceptance of Yerba Buena Gardens assets to full Board
Summary
The committee heard a presentation from the city's Director of Real Estate on accepting title, leases and funds from OCII for three blocks comprising Yerba Buena Gardens and forwarded the resolution to the full Board with a positive recommendation; a master lease to the Yerba Buena Gardens Conservancy is being negotiated.
John Updike, the city's director of real estate, presented a resolution seeking authority for the city to accept OCII's deed interests, assume leases and agreements, and accept funds into a separate city account consistent with controller direction for the three Yerba Buena Gardens blocks bounded roughly by Market, Folsom and Third/Fourth streets. Updike described the transfer as an escrowed transaction to provide title insurance and allow post‑escrow year‑end fiscal reconciliation; real estate staff will assume the asset management role currently handled by OCII.
Updike told the committee that the city and OCII have been negotiating structure and a forthcoming master lease with the Yerba Buena Gardens Conservancy, a nonprofit currently operating under an interim board. He thanked staff and OCII personnel who worked on the transfer. Chair Tang moved the item to the full Board with a recommendation and the motion was advanced "without objection." There were no public comments on Item 1.
The committee did not take final action on acceptance; the resolution will appear on the Board of Supervisors agenda for May 22.
