Title
Introduction of Ordinance Amending Ordinance 3850 Approving and Authorizing the City Manager to Execute Documents Necessary to Implement the Terms of an Amended and Restated Lease with Bay Ship and Yacht Corporation to Clarify the Parties Obligations, Modify the Leased Premises and Adjust Rent Payments for the Tideland Property Located at 2900 Main #2100 and Surrounding Area. (Community Development 216)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Introduction of Ordinance Amending Ordinance 3850 Approving and Authorizing the City Manager to Execute Documents Necessary to Implement the Terms of an Amended and Restated Lease with Bay Ship and Yacht Corporation to Clarify the Parties Obligations, Modify the Leased Premises and Adjust Rent Payments for the Tideland Property Located at 2900 Main #2100 and Surrounding Area
BACKGROUND
The City is the owner, in trust, of a parcel situated at 2900-3000 Main Street ("Tidelands Parcel"). Much of the Tidelands Parcel was at one time a portion of the former Todd Shipyard property on the Alameda side of the Alameda-Oakland Estuary. In 1984, the City of Alameda and Alameda Gateway, Ltd (AGL) entered into a Tidelands lease as AGL owned property immediately adjacent to the Tidelands parcel. In November 1993, AGL entered into multiple lease agreements with Bay Ship and Yacht, Co. (BSY) on its property and subleased portions of the City's Tidelands parcel to BSY. The Tidelands sublease had a 25-year term with an additional 25 years, if certain conditions were met.
In February 2000, the City and BSY entered into a Nondisturbance and Attornment Agreement under which the City agreed if the Tidelands lease with AGL was terminated, the City would not disturb BSY's tenancy and would assume the role of BSY's lessor under the same terms and conditions as the Tidelands lease. In 2009, the Lease between the City and AGL expired and the City declined to renew the lease on th...
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