pages: CityCouncil/2016-11-01.pdf, 6
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CityCouncil | 2016-11-01 | 6 | new location is $0.25 a square foot. Councilmember Ezzy Ashcraft inquired whether Pacific Pinball Museum will be occupying all of the 43,355 square feet. The Base Reuse Director responded Pacific Pinball Museum will be utilizing all of the space. Melissa Harmon, Pacific Pinball Museum, noted the space will be used to show the collection. Councilmember Ezzy Ashcraft inquired whether Pacific Pinball Museum will be giving tours at Building 169. Ms. Harmon responded in the affirmative; stated the space is large enough to show the collection. Councilmember Oddie moved introduction of ordinance approving a lease and authorizing the City Manager to execute documents necessary to implement the terms of a lease with Pacific Pinball Museum for three years with no extension options and an early termination right in Building 169, Suite 101 Located at 1680 Viking Street at Alameda Point. Vice Mayor Matarrese seconded the motion. Under discussion, Councilmember Ezzy Ashcraft stated the lease has an escape clause with the ability to terminate after one year; she likes to take staff's recommendation to heart, they've studied the matter more thoroughly. Mayor Spencer inquired what the below market rate rent is versus market rate rent; stated the information should have been provided in the staff report for the public. Andrew Schmieder, Cushman and Wakefield, responded the market rate is $0.45 per square foot. Mayor Spencer stated the difference is $0.20 per square foot; the $0.25 per square foot is equal to $10,838 to $11,498; inquired what the monthly rate would be at the $0.45 per square foot. The Base Reuse Director responded about another $10,000 per month. Mayor Spencer inquired if staff's proposal is to offer the property at $10,000 less per month for up to 3 years. The Base Reuse Director responded in the affirmative; stated the lease is up to one year with early termination; stated Pacific Pinball Museum's current lease has a term Regular Meeting Alameda City Council November 1, 2016 | CityCouncil/2016-11-01.pdf |