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File #: 2022-1877   
Type: Regular Agenda Item
Body: City Council
On agenda: 5/17/2022
Title: Introduction of Ordinance Authorizing the Interim City Manager to Execute a Lease with Rhoads Property Holdings, LLC, a California Limited Liability Company, dba CSI Mini-Storage for Thirty-Six Months for Buildings 338, 608, and 608A-C, Located at 50 and 51 West Hornet Avenue, at Alameda Point. (Community Development 29061822) [Not heard on May 3, 2022]
Attachments: 1. Exhibit 1 - Premises, 2. Exhibit 2 - Lease, 3. Ordinance
Title

Introduction of Ordinance Authorizing the Interim City Manager to Execute a Lease with Rhoads Property Holdings, LLC, a California Limited Liability Company, dba CSI Mini-Storage for Thirty-Six Months for Buildings 338, 608, and 608A-C, Located at 50 and 51 West Hornet Avenue, at Alameda Point. (Community Development 29061822) [Not heard on May 3, 2022]

Body

To: Honorable Mayor and Members of the City Council

EXECUTIVE SUMMARY

Staff is recommending that the City enter into a lease with Rhoads Property Holdings (Rhoads) for thirty-six (36) months. This action also includes setting 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 and 154,714 square feet of appurtenant land area (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 ...

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