Title
Final Passage of Ordinance Approving a Lease and Authorizing the City Manager to Execute Documents Necessary to Implement the Terms of a Lease Agreement with Auctions By The Bay, Inc., a California Corporation, for a Sixty Four Month Lease for Building 525 Located at 2751 Todd Street at Alameda Point. [In accordance with the California Environmental Quality Act (CEQA), this project is Categorically Exempt under the CEQA Guidelines Section 15301(c) - Existing Facilities.] [Requires Four Affirmative Votes] (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 AUCTIONS BY THE BAY, INC. FOR SIXTY-FOUR MONTHS FOR 2751 TODD STREET, BUILDING 525, AT ALAMEDA POINT
WHEREAS, Auctions By the Bay, Inc. (Auctions By the Bay) has been a tenant at Alameda Point since 2001; and
WHEREAS, Auctions By the Bay currently occupies Building 525 on a lease which expired August 18, 2017; and
WHEREAS, this new lease will replace Auctions By the Bay's expired lease for Building 525; and
WHEREAS, Auctions By the Bay Auctions is a leading, full service auction house on the West Coast specializing in the appraisal and sale of antiques and fine art; and
WHEREAS, the Premises will continue to be used as an auction house for the appraisal and sale of antiques and fine art; and
WHEREAS, Building 525 consists of 23,208 square feet with land and parking area; and
WHEREAS, the monthly base rent under the lease will be $15,781.44 for months 1-12, $16,254.88 for months 13-24, $16,742.53 for months 25-36, $17,244.80 for months 37-48, $17,762.15 for months 49-60, and $18,295.01 for months 61-64; and
WHEREAS, the lease contains one renewal option which allows the term to be extend for a period of ten years; and
WHEREAS, the tenant will be required to provide a security deposit in the amoun...
Click here for full text