pages: CityCouncil/2018-04-03.pdf, 6
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CityCouncil | 2018-04-03 | 6 | Councilmember Matarrese inquired why there is no option to buy. The Assistant Community Development Director responded the building is multi- tenanted; stated the City Manager chose not to allow either tenant to buy out the other; if one tenant outgrows its space and the space becomes available, Faction can purchase the building. Councilmember Matarrese stated that he wishes there was a purchase option in the contract; he believes it is important to get out of the business of owning old Navy hangers and have the property generate tax. Mike McManus, Cushman & Wakefield, stated just because the property is leased does not preclude the ability to sell the property. Mayor Spencer inquired if the option to sell is available, she would like to ensure Faction Brewery would be able to purchase the building. The Assistant Community Development Director stated the right of first offer would occur if the other side of the building becomes vacant; if both tenants remain and the City decides to sell the building, Faction Brewery could put in an offer at that time. In response to Councilmember Ezzy Ashcraft's inquiry regarding the other tenant, Mr. McManus stated the other tenant is Proximo, Hanger One. Councilmember Matarrese inquired what the cost of having a long term lease on the building is relative to the marketability of the building; and whether prospective buyers would have concerns. Mr. McManus responded the investor would be buying the income stream. Councilmember Ezzy Ashcraft moved introduction of the ordinance approving a lease and authorizing the City Manager to execute documents necessary to implement the terms of a lease with Faction Brewing Company, LLC a California Limited Liability Company, for a ten-year lease with two ten-year extension options for Building 22, Bay 200 Located at 2501 Monarch Street at Alameda Point. Councilmember Oddie seconded the motion, which carried by unanimous voice vote - 5. (18-191) Review and Comment on the City of Alameda 2017 Housing Element Annual Report and Implementation Priorities. The Assistant Community Development Director gave a Power Point presentation. Mayor Spencer inquired when Del Monte will pull building permits. Regular Meeting Alameda City Council 5 April 3, 2018 | CityCouncil/2018-04-03.pdf |