Title
Introduction of Ordinance Authorizing the City Manager to Execute a Lease with Poseidon Tech Corporation, a Delaware Corporation, for a Term of Seven Years, with Two Additional Five-Year Extension Options for Building 11, Located at 1190 West Tower Avenue, at Alameda Point; [Requires four affirmative votes]
Adoption of Resolution to Appropriate $828,905 from the Fund 290 (Alameda Point) Fund Balance to Cover the Cost of Broker Commission; and
Adoption of Resolution to Declare Building 11, Located at 1190 West Tower Avenue, and Adjacent Land Area Totaling Approximately 130,00 Square Feet to be Exempt Surplus Land for the Purpose of Leasing Under the California Surplus Land Act.
This action is categorically exempt from further environmental review pursuant to California Environmental Quality Act Guidelines Section 15301 (Existing Facilities). (Base Reuse and Economic Development 29061822)
Body
To: Honorable Mayor and Members of the City Council
From: Gerry Beaudin, City Manager
EXECUTIVE SUMMARY
City of Alameda (City) staff recommend the City Council authorize the City Manager to execute a lease with Poseidon Tech Corporation, a Delaware Corporation (Poseidon), for Building 11 at 1190 West Tower Avenue in Alameda Point for a term of seven years with two, five-year extension options. Poseidon is a startup founded in 2023, currently located in San Francisco, that develops autonomous aircraft with a business plan to build and operate a logistics network using its own aircraft. The recommended lease will allow the company to expand its footprint to accommodate a growing workforce to scale aircraft production while concurrently working to obtain regulatory approvals. It is anticipated that the lease will contribute over $12,628,000 to the Alameda Point fund over the initial seven (7) year term, net of Rent Credits and commercial brokerage leasing commission owed.
Poseidon is similar to the City’s adjacent tenants in the corridor, as innovators of drone te...
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