Title
WITHDRAWN Introduction of Ordinance Authorizing the City Manager to Execute a Lease with Rhoads Property Holdings, LLC, a California Limited Liability Company, Substantially in the Form of Exhibit 2, for Thirty-Six Months for Buildings 338, 608, and 608A-C, Located at 50 and 51 West Hornet Avenue, at Alameda Point. (Community Development 819009) [Will not be heard on November 2, 2021]
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The requested action would be to approve a lease with Rhoads Property Holdings (Rhoads) for thirty-six (36) months and set monthly rent during the term for Buildings 338, 608, and 608A-C located at 50 & 51 West Hornet Avenue at Alameda Point, including approximately 70,989 square feet of rentable space (Premises).
BACKGROUND
Rhoads, formerly CSI Mini-Storage (CSI), provides containerized self-storage and warehouse rentals at Alameda Point. CSI has occupied the Premises since 2005. In 2015, the City of Alameda (City) executed a new lease with CSI with a three (3) year term. In 2018, a first amendment to the lease was executed, extending the lease term for an additional three (3) years. The first amendment also provided an early termination clause permitting landlord to terminate the lease with one hundred twenty (120) days written notice after the expiration of two years of the term. The proposed lease (Exhibit 2) is with Rhoads, the existing tenant's new business entity name. The lease provides an additional three (3) years of occupancy, until November 30, 2024, and gives the City, as landlord, the right to terminate the lease with one hundred twenty (120) days prior written notice after twelve (12) months.
While a mini-storage facility is not a desired long-term use of the Premises, and the City plans to develop the Enterprise District as a whole, Rhoads generates significant revenue for the City and the short-term nature of the lease will not interfere with the redevelopment plans that includ...
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