pages: CityCouncil/2010-02-16.pdf, 2
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CityCouncil | 2010-02-16 | 2 | (*10-063) Minutes of the Special Joint City Council and Public Utilities Board Meeting and the Regular City Council Meeting held on February 3, 2010. Approved. (*10-064) Ratified bills in the amount of $2,314,561.14. (10-065) Recommendation to Approve Consent to Assignment of Lease and Estoppel Certificate Between the City of Alameda, Ballena Isle Marina, L.P., and CNL Income Ballena Marina, LLC. The Economic Development Director gave a brief presentation. Vice Mayor deHaan stated the public needs to know what is transpiring; inquired whether CNL Income Ballena Marina, LLC would be the leaseholder. The Economic Development Director responded CNL would be the new lessee; stated CNL knows that the City has concerns with property conditions; immediate plans are in place to make commercial building improvements. Vice Mayor deHaan inquired whether established timetables would change. The Economic Development Director responded in the negative; stated the trigger has not been hit to start extensions; extension terms would not begin unless investments are made. Vice Mayor deHaan inquired whether CNL is planning on making improvements over and above existing requirements. The Economic Development Director responded that she is not sure; stated requirements are quite extensive and include complete reconstruction of the entire Marina. Vice Mayor deHaan stated reporting back on the plans would be nice. The Economic Development Director stated that she feels the City is assigning the Lease to a company that does the right thing for the type of property. Vice Mayor deHaan stated CNL's portfolio is quite interesting. Mayor Johnson inquired whether CNL would take over the terms of the existing Lease, which do not have milestones, to which the Economic Development Director responded in the affirmative. Mayor Johnson inquired whether improvements have been discussed. The Economic Development Director responded the City does not have any leverage with the existing terms but has leverage regarding future extensions. Regular Meeting Alameda City Council 2 February 16, 2010 | CityCouncil/2010-02-16.pdf |