For More Information Contact:
Scott Maltz, Board Vice-President - North Peninsula Jewish Campus
415-254-3553 or email@example.com
Steve Toler, Assistant City Manager – City of Foster City
(650) 740-7007 or firstname.lastname@example.org
Foster City, CA – The City of Foster City and the North Peninsula Jewish Campus (NPJC) negotiators have reached a tentative agreement on a set of business terms for the proposed sale by the City to NPJC of the approximately 11-acre site on which the NPJC facilities have been operating since 2004. The NPJC presently operates under a 55-year lease on the property that is owned by the City. At its meeting on April 16, 2012, the City Council will consider the approval of the Business Term Sheet that sets forth the terms under which the property would be sold to the NPJC. The NPJC Board has approved the Term Sheet subject to City Council approval on April 16.
“This deal is a positive move for both the City and the NPJC,” commented City Manager Jim Hardy. “The City is able to realize a fair price for the value of the property and the NPJC will have more
flexibility to work with donors to support the development of the site.”
Some key development terms in the document include a $20 million sale price with a $1 million down payment and a $19 million promissory note at 3.25% interest for 25 years. The loan is secured
by a first position deed of trust held by the City. While the NPJC pays off the promissory note to the City, NPJC’s obligations under the current lease agreement will no longer apply, including obligations for future construction, and the NPJC will be allowed to modify or eliminate discounts for Foster City residents. The parking area currently used by the NPJC which is located on the adjacent and currently vacant 15-acres owned by the City will be replaced with an alternative permanent parking site, targeted for the end of 2012.
The NPJC will continue to operate and offer its world-class facilities, including the Peninsula Jewish Community Center and the Ronald C. Wornick Jewish Day School, to the community and its members.
The preliminary schedule calls for the Planning Commission to consider a change in the Land Use Designation to accommodate the change in ownership in May with Council action to approve the sale
in late May or June 2012. Escrow would close within 90 days of the approval of the sale.
“The NPJC has been a strong community partner in Foster City for the past 8 years. This agreement will assist us in maintaining that partnership for many years to come,” said NPJC Board Chair Scott
The staff report that includes the proposed Business Term Sheet and additional background information is available on the City’s website www.fostercity.org.
For more information about the Business Term Sheet, contact Steve Toler, Assistant City Manager, Foster City, at (650) 740-7007 or email@example.com; or Scott Maltz, Board Vice-President North Peninsula Jewish Campus, 415-254-3553 or firstname.lastname@example.org.
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City Hall - 610 Foster City Blvd.
Foster City, CA 94404