Title
Recommendation to Approve Property Management Agreement with RiverRock Real Estate Group for an Additional Three (3) Years in an Amount Not to Exceed $1,209,374.19 and
Adoption of Resolution Amending the Base Reuse Budget to Increase Expenditure Appropriations by $100,000 to Establish a Liability Reserve Account for Third-Party Claims. (Community Development 29061590)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
RiverRock Real Estate Group (RiverRock) has served as the City of Alameda's (City) property manager since 2017, managing certain real estate assets of the City including the Fleet Industrial Supply Center (FISC), Tidelands Properties, Alameda Beltline, Alameda Point, properties downtown including the Alameda Theater and adjacent businesses, Carnegie Library, Grand Pavilion and cell towers. In 2021, RiverRock played an important role in operationalizing and tracking Covid rent relief approved by the City Council for certain tenants. The existing agreement with RiverRock is expiring, and staff is recommending that the City enter into a new three-year agreement with RiverRock.
BACKGROUND
RiverRock was selected as the City's property manager in response to a Request for Proposals (RFP) that was issued in 2016. Since January 2017, RiverRock has provided Alameda Point with exceptional service including supporting tenants during the water contamination crisis, assisting in addressing car show activities, helping address issues related to the unhoused, and implementing Council-approved Covid support programs.
DISCUSSION
To ensure continuity for the City's tenants, staff negotiated with RiverRock for a new three-year property management agreement. While many of the terms from the existing agreement will carry forward, RiverRock requested changes in the new property management agreement to reflect a different liability allocation for third party claims between RiverRock and the City. RiverRock had expressed c...
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