Title
Report regarding adoption of a resolution approving the Second Amendment to the Lease Agreement for use of the Economic Advancement Center located at 366 Grand Avenue in South San Francisco to extend the Lease until August 31, 2025. (Ernesto Lucero, Economic Development Manager).
label
RECOMMENDATION
Recommendation
Staff recommend that the City Council adopt a resolution authorizing the City Manager to execute the Second Amendment to the Lease Agreement for 366 Grand Avenue, for the use of the Economic Advancement Center, to extend the Lease until August 31, 2025.
Body
BACKGROUND
On July 24, 2024, City Council approved a resolution authorizing the City Manager to execute the First Amendment to a lease agreement with Stacey S. Dobos Trust for use of the space for the Economic Advancement Center (EAC). The lease extension was executed, which extended the current lease until April 30, 2025.
The property owner has requested confirmation if the City will continue to lease the property until at least August 31, 2025. This is due to the unique size of the space and the potential for delays in re-leasing the space.
The property, encompassing approximately 6,900 square feet, has been a successful and attractive place for community members due to its central location, 21 dedicated parking spaces, high pedestrian traffic along Grand Avenue, its walkability and proximity to many modes of transportation. The space also connects to the City-owned Breezeway next door.
DISCUSSION
With the current First Amendment to the lease agreement expiring on April 30, 2025, the proposed Second Amendment would extend the lease for an additional four months, until August 31, 2025. Terms in the Second Amendment remain the same as the First Amendment, which include a lease rate of $2.40 per square foot, or $16,567 per month, a $500 janitorial credit per month, and continues to provide the City the ability to sublease all or portions of the EAC to other economic mobility partn...
Click here for full text