Legislation Details

File #: 26-193    Version: 1 Name:
Type: Discussion/Action Item Status: Agenda Ready
File created: 7/14/2026 In control: City Council
On agenda: 7/28/2026 Final action:
Title: Adopt a Resolution approving an Assignment and Assumption Agreement by and between Hercules Block Q&R Development Partners LP and IEC RT VI Holdings, LLC to facilitate the sale of The Dylan RECOMMENDATION: Staff recommends that the City Council adopt a resolution authorizing the Interim City Manager to execute a Consent and Agreement to an Assignment and Assumption Agreement of Land Use Agreements and Project Approvals by and between Hercules Block Q&R Development Partners LP, a Delaware limited partnership (“Seller”) and IEC RT VI Holdings, LLC, a Delaware limited liability company (“Purchaser”) (Attachments 2 and 3) to consent to the sale of The Dylan apartment building as required by the Bayfront Implementing Development Agreement.
Attachments: 1. Staff Report, 2. Attach 1 - Resolution, 3. Attach 2 - Consent and Agreement to Assignment-Assumption, 4. Attach 3 - Assignment and Assumption Agreement
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Title

Adopt a Resolution approving an Assignment and Assumption Agreement by and between Hercules Block Q&R Development Partners LP and IEC RT VI Holdings, LLC to facilitate the sale of The Dylan

RECOMMENDATION:

Staff recommends that the City Council adopt a resolution authorizing the Interim City Manager to execute a Consent and Agreement to an Assignment and Assumption Agreement of Land Use Agreements and Project Approvals by and between Hercules Block Q&R Development Partners LP, a Delaware limited partnership (“Seller”) and IEC RT VI Holdings, LLC, a Delaware limited liability company (“Purchaser”) (Attachments 2 and 3) to consent to the sale of The Dylan apartment building as required by the Bayfront Implementing Development Agreement.