Minutes 1998 0601 - Laserfiche WebLink

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Minutes - City of San Leandro City Council Meeting Page - 3 - June 1, 1998 6. NEW BUSINESS A. Resolution No. 98-58, Resolution Authorizing the City Manager to Execute Agreements Between Union Pacific Railroad Company and the City of San Leandro Related to Improving Railroad Crossings at Various Locations (recommends approval of cost-sharing agreements to construct concrete crossings at various locations). (2004) M/S/C 61aze and Polvorosa. Ayes: 6; Noes: 0; Absent: Loeffler B. Minute Order No. 98-34, Matter of Discussion of Proposed Closure of Transbay Transit Terminal and Ramps (provides for discussion of request from A. C. Transit District to adopt a resolution in opposition to the closure of the Transbay Transit Terminal and ramps). (1057) The City Council, by consensus, requested that staff put the Resolution in opposition to the closure of the Transbay Transit Terminal and ramps on the City Council Agenda for the June 15, 1998, City Council Meeting. M/S/C Young and Lothrop. Ayes: 6; Noes: 0; Absent: Loeffler C. Resolution Approving a Lease Agreement and Other Documents Between the San Francisco Bay Conference Center Resort, L.L.C., and the City of San Leandro Regarding the Network Conference Center. The City Manager gave a brief staff report and overview of the new Lease Agreement. Dan McFadden, developer of the project, went over the specifics of the proposal, which included that the project cost would be X42 million. The financing would consist of X27 million from bank financing, $5 million from equity partners, and up to $10 million reimbursement from the City for the cost of public areas: site preparation, roadways, walkways, decks, parking lots, lighting, restrooms, observation decks, and other public-access areas. It was also noted the City would continue to own the land and will own all of the improvements, including furniture, fixtures, and equipment when the Lease expires. It was explained that the ground rent will start at X250,000 per year for years 1-3 and increase to $1 million per year for years 6-30. Total revenue over 30 years will be X27 million. It was also noted that percentage rent will begin at 2% per year for years 1-3, increase to 6% in years 25-30, and will be a fair market rate for two 10-year options. Projected total revenue over 30 years is $52 million. With regard to prevailing- and fair-wage requirements, it was explained that development and construction will be carried out by the Network Conference Company, with Barry Swenson Builder, under the review and approval by the City. All contracts will conform with the City's prevailing-wage requirements.