Title
Final Passage of Ordinance Approving a Lease and Authorizing the City Manager to Execute Documents Necessary to Implement the Terms of a Lease with Wrightspeed, Inc., a Deleware Corporation, for Seven Years with Two Additional Five-Year Options and an Opportunity to Purchase Building 41 Located at 650 West Tower Avenue at Alameda Point. (Base Reuse 819099)
Body
CITY OF ALAMEDA ORDINANCE NO. ______
New Series
APPROVING A LEASE AND AUTHORIZING THE CITY MANAGER TO EXECUTE DOCUMENTS NECESSARY TO IMPLEMENT THE TERMS OF A LEASE WITH WRIGHTSPEED, INC., A DELAWARE CORPORATION, FOR SEVEN YEARS WITH TWO ADDITIONAL FIVE-YEAR OPTIONS AND AN OPPORTUNITY TO PURCHASE BUILDING 41 LOCATED AT 650 WEST TOWER AVENUE AT ALAMEDA POINT
WHEREAS, Wrightspeed is an engineering company started by one of Tesla Motor's co-founders and hearquartered in Silicon Valley. Wrightspeed is a powertrain company and does not manufacture vehicles; and
WHEREAS, In addition to being a cutting-edge, clean technology company, Wrightspeed will be adding at least 150 new jobs to Alameda and will represent significant business-to-business sales tax revenue to the City over the next 7 years; and
WHEREAS, the proposed lease is for seven years with two five-year options to renew; and
WHEREAS, The proposed rent rate is $0.43 per square foot, but the City will provide a dollar for dollar rent credit for capital repairs, improvements, and remedial work completed by Wrightspeed, but shall not exceed approximately three years of rent; and
WHEREAS, During the first five years, after the property is conveyed to the City by the Navy, Wrightspeed will have an option to purchase the premises at a fixed price of $8 million, which exceeds the fair-share infrastructure burden for the 5.2-acre site consistent with the approved Master Infrastructure Plan for Alameda Point and the Alameda Point Development Impact Fee; and
WHEREAS, the proposed mon...
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