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Commission approves Horizon amendments to accelerate Greenleaf Park, secures $550,000 escrow as performance assurance
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Summary
The commission approved a package of amendments to the Horizon Oakland Park agreements that extend some developer permit and closing deadlines while accelerating Greenleaf Park construction to on or before March 23; the developer placed $550,000 in escrow that the city would receive with interest if the park work fails to start by the deadline.
The commission unanimously approved three related amendments on Feb. 18 to the purchase and sale and development agreements with Horizon Oakland Park LLC, intended to reconcile permitting and financing timing while expediting the construction of Greenleaf Park.
Renee Miller and Assistant City Manager Andrew Thompson presented the amendments, which push some permit and closing dates to allow the developer more time to finalize city permits and financing while providing city-side protections in return. Notably, the developer agreed to begin Greenleaf Park construction on or before March 23 and to forfeit escrow deposits totaling $550,000 to the city — with interest — if construction does not begin by that date. City staff said the escrow was part of the purchase price and is intended as a good-faith commitment to expedite park construction.
Developer representative Alfonso Acosta Jr. told the commission the park will be built with equity (no debt) and that performance bonds and standard municipal protections will secure finishing the work. He said the full project financing includes equity and a loan commitment the developer expects to provide in March; the development team indicated it has submitted multiple permit rounds to staff and believes approvals are imminent.
Commissioners questioned the timeline and the sufficiency of assurances; staff and the developer said the site is shovel-ready for the park and that the $550,000 escrow is separate from closing proceeds and would be forfeited if the park start date is missed. The commission approved:
- a resolution authorizing a fifteenth amendment to the purchase and sale agreement; - a resolution authorizing the sixth amendment to the development agreement; and - a resolution authorizing the first amendment to the construction and long-term maintenance agreement.
Why it matters: the amendments are intended to secure public amenities (the new Greenleaf Park and public realm improvements), move park construction earlier than in the preexisting schedule, and keep the larger redevelopment timeline on track while allowing the developer time to finish permit and financing milestones.
Next steps: staff will monitor permitting progress and construction commencement; if the park construction does not start by the agreed date the city would receive the escrow funds.
