[8-K] Five Point Holdings, LLC Reports Material Event
Five Point Holdings disclosed an amendment to its Candlestick Point and Hunters Point Shipyard disposition and development agreement that changes land use, financing and timing terms for the two projects. The Amendment authorizes transfer of up to 2,050,000 square feet of research and development and office space from the Shipyard to commercially zoned areas of Candlestick and eliminates sub-phases within major phases to streamline approval for horizontal and vertical development. It also memorializes an increase in the limit on bonded indebtedness for the Candlestick and Shipyard sites from $1.7 billion to $5.9 billion and extends timeframes for incurring and repaying redevelopment-related indebtedness, including additional 15-year periods to account for the U.S. Navy’s estimated delays in remediating the Shipyard site. The Agency retains rights to a return of certain profits if thresholds are met.
Five Point Holdings ha annunciato una modifica all’accordo di cessione e sviluppo per Candlestick Point e Hunters Point Shipyard che rivede gli usi del suolo, le condizioni di finanziamento e i tempi per i due progetti. L’emendamento autorizza il trasferimento fino a 2,050,000 piedi quadrati di spazi per ricerca e sviluppo e uffici dallo Shipyard ad aree di Candlestick con destinazione commerciale e sopprime le sottofasi all’interno delle fasi principali per snellire le approvazioni dello sviluppo orizzontale e verticale. Registra inoltre l’aumento del limite dell’indebitamento garantito per i siti di Candlestick e dello Shipyard da $1.7 billion a $5.9 billion e proroga i termini per l’assunzione e il rimborso delle passività legate alla riqualificazione, inclusi periodi aggiuntivi di 15 anni per tenere conto dei ritardi stimati dalla Marina statunitense nella bonifica del sito dello Shipyard. L’Agenzia mantiene il diritto al recupero di taluni profitti se vengono raggiunte determinate soglie.
Five Point Holdings comunicó una enmienda al acuerdo de disposición y desarrollo de Candlestick Point y Hunters Point Shipyard que modifica los usos de suelo, el financiamiento y los plazos de ambos proyectos. La enmienda autoriza la transferencia de hasta 2,050,000 pies cuadrados de espacio para investigación y desarrollo y oficinas desde el Shipyard a áreas de Candlestick con zonificación comercial y elimina subfases dentro de las fases principales para agilizar las aprobaciones del desarrollo horizontal y vertical. También formaliza el aumento del límite de endeudamiento garantizado para los sitios de Candlestick y Shipyard de $1.7 billion a $5.9 billion y extiende los plazos para contraer y reembolsar la deuda relacionada con la reurbanización, incluidos períodos adicionales de 15 años para tener en cuenta los retrasos estimados por la Marina de EE. UU. en la remediación del Shipyard. La Agencia conserva derechos a la devolución de ciertos beneficios si se alcanzan los umbrales establecidos.
Five Point Holdings는 Candlestick Point와 Hunters Point Shipyard에 관한 처분·개발 협약의 수정 사항을 공개했으며, 이 수정안은 두 프로젝트의 토지 이용, 자금 조달 및 일정 조건을 변경합니다. 수정안은 Shipyard에서 Candlestick의 상업 용도 지역으로 최대 2,050,000 평방피트의 연구·개발 및 사무 공간 이전을 허용하고, 수평 및 수직 개발에 대한 승인 절차를 간소화하기 위해 주요 단계 내의 하위 단계를 없앴습니다. 또한 Candlestick 및 Shipyard 부지에 대한 보증 부채 한도를 $1.7 billion에서 $5.9 billion으로 상향하고 재개발 관련 채무의 발생 및 상환 기한을 연장하며, 미 해군의 사이트 정화 지연 추정치를 반영해 추가 15년 기간을 포함합니다. 기관은 특정 기준이 충족되면 일부 이익을 환수할 권리를 유지합니다.
Five Point Holdings a annoncé un amendement à son accord de cession et de développement pour Candlestick Point et Hunters Point Shipyard, modifiant les usages du sol, le financement et les calendriers des deux projets. L’amendement autorise le transfert jusqu’à 2,050,000 pieds carrés d’espaces de recherche et développement et de bureaux du Shipyard vers des zones de Candlestick à vocation commerciale et supprime les sous‑phases au sein des phases principales afin de simplifier les approbations pour les développements horizontaux et verticaux. Il consigne également l’augmentation du plafond d’endettement garanti pour les sites de Candlestick et du Shipyard de $1.7 billion à $5.9 billion et prolonge les délais pour contracter et rembourser les dettes liées à la réhabilitation, y compris des périodes supplémentaires de 15 ans pour tenir compte des retards estimés par la marine américaine dans la dépollution du site du Shipyard. L’Agence conserve le droit de récupérer certains bénéfices si des seuils sont atteints.
Five Point Holdings gab eine Änderung des Dispositions- und Entwicklungsvertrags für Candlestick Point und Hunters Point Shipyard bekannt, die Flächennutzung, Finanzierung und Zeitpläne für beide Projekte anpasst. Die Änderung erlaubt die Übertragung von bis zu 2,050,000 Quadratfuß an Forschungs- und Büroflächen vom Shipyard in kommerziell zonierte Bereiche von Candlestick und streicht Unterphasen innerhalb der Hauptphasen, um die Genehmigungsverfahren für horizontale und vertikale Bebauung zu vereinfachen. Außerdem wird die Obergrenze für besicherte Verbindlichkeiten der Candlestick‑ und Shipyard‑Standorte von $1.7 billion auf $5.9 billion erhöht und die Fristen für das Eingehen und die Rückzahlung reurbanisierungsbezogener Schulden verlängert, einschließlich zusätzlicher 15‑Jahres‑Zeiträume zur Berücksichtigung der von der US Navy geschätzten Verzögerungen bei der Sanierung des Shipyard‑Geländes. Die Behörde behält das Recht auf Rückführung bestimmter Gewinne, sofern Schwellenwerte erreicht werden.
- Amendment authorizes transfer of up to 2,050,000 square feet of research and development and office space from the Shipyard to commercially zoned areas of Candlestick
- Amendment streamlines approval processes by eliminating sub-phases within major phases for horizontal and vertical development
- Amendment memorializes increase in the limit on bonded indebtedness for the Candlestick and Shipyard sites from $1.7 billion to $5.9 billion
- Amendment extends timeframes for incurring and repaying redevelopment-related indebtedness, including additional 15-year allowances tied to the Navy Delay Period
- The Amendment documents the U.S. Navy’s estimated delays in remediating the Shipyard site (the Navy Delay Period), which requires additional timing accommodations
- Increase in the bonded indebtedness limit from $1.7 billion to $5.9 billion, which expands potential project indebtedness and related repayment obligations
Insights
TL;DR: Amendment boosts development flexibility and financing capacity while adjusting timelines for Navy remediation delays.
The Fourth Amendment directly increases practical development flexibility by permitting transfer of up to 2,050,000 square feet of R&D and office use from the Shipyard to Candlestick, which can concentrate commercially zoned activity where approvals may be smoother. Eliminating sub-phases simplifies the approval pathway for both horizontal and vertical construction, potentially accelerating project sequencing. The Amendment also formally raises the bonded indebtedness cap from $1.7 billion to $5.9 billion, and extends incurrence and repayment windows for project indebtedness, including explicit additional 15-year periods tied to the documented Navy Delay Period. These are material structural changes that alter financing capacity, scheduling, and the allocation of tax increment resources between Candlestick and Shipyard.
TL;DR: Greater financing capacity and longer repayment windows provide flexibility but increase exposure to long-term obligations and timing risk.
The Amendment’s increase in the bonded indebtedness limit to $5.9 billion significantly expands statutory borrowing capacity for redevelopment obligations. Extended timeframes for incurring and repaying indebtedness, including additional 15-year allowances to use Candlestick tax increment for Shipyard obligations, shift certain cash-flow profiles and defer repayment timing. The Amendment also formalizes adjustments tied to the U.S. Navy’s estimated remediation delays, embedding schedule contingency into financing arrangements. From a risk perspective, these provisions materially change liability timing and financing leverage; the net impact will depend on future borrowing decisions and remediation progress, which are outside this document.
Five Point Holdings ha annunciato una modifica all’accordo di cessione e sviluppo per Candlestick Point e Hunters Point Shipyard che rivede gli usi del suolo, le condizioni di finanziamento e i tempi per i due progetti. L’emendamento autorizza il trasferimento fino a 2,050,000 piedi quadrati di spazi per ricerca e sviluppo e uffici dallo Shipyard ad aree di Candlestick con destinazione commerciale e sopprime le sottofasi all’interno delle fasi principali per snellire le approvazioni dello sviluppo orizzontale e verticale. Registra inoltre l’aumento del limite dell’indebitamento garantito per i siti di Candlestick e dello Shipyard da $1.7 billion a $5.9 billion e proroga i termini per l’assunzione e il rimborso delle passività legate alla riqualificazione, inclusi periodi aggiuntivi di 15 anni per tenere conto dei ritardi stimati dalla Marina statunitense nella bonifica del sito dello Shipyard. L’Agenzia mantiene il diritto al recupero di taluni profitti se vengono raggiunte determinate soglie.
Five Point Holdings comunicó una enmienda al acuerdo de disposición y desarrollo de Candlestick Point y Hunters Point Shipyard que modifica los usos de suelo, el financiamiento y los plazos de ambos proyectos. La enmienda autoriza la transferencia de hasta 2,050,000 pies cuadrados de espacio para investigación y desarrollo y oficinas desde el Shipyard a áreas de Candlestick con zonificación comercial y elimina subfases dentro de las fases principales para agilizar las aprobaciones del desarrollo horizontal y vertical. También formaliza el aumento del límite de endeudamiento garantizado para los sitios de Candlestick y Shipyard de $1.7 billion a $5.9 billion y extiende los plazos para contraer y reembolsar la deuda relacionada con la reurbanización, incluidos períodos adicionales de 15 años para tener en cuenta los retrasos estimados por la Marina de EE. UU. en la remediación del Shipyard. La Agencia conserva derechos a la devolución de ciertos beneficios si se alcanzan los umbrales establecidos.
Five Point Holdings는 Candlestick Point와 Hunters Point Shipyard에 관한 처분·개발 협약의 수정 사항을 공개했으며, 이 수정안은 두 프로젝트의 토지 이용, 자금 조달 및 일정 조건을 변경합니다. 수정안은 Shipyard에서 Candlestick의 상업 용도 지역으로 최대 2,050,000 평방피트의 연구·개발 및 사무 공간 이전을 허용하고, 수평 및 수직 개발에 대한 승인 절차를 간소화하기 위해 주요 단계 내의 하위 단계를 없앴습니다. 또한 Candlestick 및 Shipyard 부지에 대한 보증 부채 한도를 $1.7 billion에서 $5.9 billion으로 상향하고 재개발 관련 채무의 발생 및 상환 기한을 연장하며, 미 해군의 사이트 정화 지연 추정치를 반영해 추가 15년 기간을 포함합니다. 기관은 특정 기준이 충족되면 일부 이익을 환수할 권리를 유지합니다.
Five Point Holdings a annoncé un amendement à son accord de cession et de développement pour Candlestick Point et Hunters Point Shipyard, modifiant les usages du sol, le financement et les calendriers des deux projets. L’amendement autorise le transfert jusqu’à 2,050,000 pieds carrés d’espaces de recherche et développement et de bureaux du Shipyard vers des zones de Candlestick à vocation commerciale et supprime les sous‑phases au sein des phases principales afin de simplifier les approbations pour les développements horizontaux et verticaux. Il consigne également l’augmentation du plafond d’endettement garanti pour les sites de Candlestick et du Shipyard de $1.7 billion à $5.9 billion et prolonge les délais pour contracter et rembourser les dettes liées à la réhabilitation, y compris des périodes supplémentaires de 15 ans pour tenir compte des retards estimés par la marine américaine dans la dépollution du site du Shipyard. L’Agence conserve le droit de récupérer certains bénéfices si des seuils sont atteints.
Five Point Holdings gab eine Änderung des Dispositions- und Entwicklungsvertrags für Candlestick Point und Hunters Point Shipyard bekannt, die Flächennutzung, Finanzierung und Zeitpläne für beide Projekte anpasst. Die Änderung erlaubt die Übertragung von bis zu 2,050,000 Quadratfuß an Forschungs- und Büroflächen vom Shipyard in kommerziell zonierte Bereiche von Candlestick und streicht Unterphasen innerhalb der Hauptphasen, um die Genehmigungsverfahren für horizontale und vertikale Bebauung zu vereinfachen. Außerdem wird die Obergrenze für besicherte Verbindlichkeiten der Candlestick‑ und Shipyard‑Standorte von $1.7 billion auf $5.9 billion erhöht und die Fristen für das Eingehen und die Rückzahlung reurbanisierungsbezogener Schulden verlängert, einschließlich zusätzlicher 15‑Jahres‑Zeiträume zur Berücksichtigung der von der US Navy geschätzten Verzögerungen bei der Sanierung des Shipyard‑Geländes. Die Behörde behält das Recht auf Rückführung bestimmter Gewinne, sofern Schwellenwerte erreicht werden.
FAQ
What change did Five Point Holdings (FPH) make to the Candlestick/Shipyard development agreement?
How did the Amendment change bonded indebtedness limits for FPH projects?
What timing changes did the Amendment make for incurring and repaying project indebtedness?
Does the Amendment address remediation delays at the Shipyard?
Will the Agency receive any proceeds from development under the Amendment?
