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File Number: 20-057 <br />·Sale price based on appraisal and number of single-family homes and townhouse lots <br />approved through City’s entitlements process (approx. $29 million); <br />·Developer must fund and reconstruct the existing nine-hole golf course with a <br />City-approved design that includes public outreach; <br />·Developer must be prepared to begin construction and have golf course design approved <br />by the City prior to property sale closing; <br />·Developer must complete golf course before completing sale of all of the homes to ensure <br />golf course is operational prior to end of single-family construction; <br />·Developer responsible for Monarch Bay Drive and related infrastructure improvements, <br />including a Class I bicycle lane; and <br />·Improvements within the single-family element will be privately constructed and maintained, <br />with the formation of a Homeowners Association (HOA). <br />The DDA exhibits also include lease agreements with Cal Coast for the Hotel, Multifamily, <br />Restaurant, and Market elements. The leases will be approved as to form and are subject to <br />refinement once sub-tenants are identified. <br />Key business terms for the leases include: <br />·Hotel and Multi-Family subject to 55-year lease terms, with extensions that could add up to <br />a total lease term of 99 years; <br />·Restaurant and Market subject to 34-year lease terms, with extensions that could add up to <br />a total lease term of 50 years; <br />·Minimum rent, plus percentage rent based on revenues, where appropriate; <br />·Minimum rent increases annually, to be readjusted every 10 years with parcels <br />reappraised at set time frames during lease; <br />·Minimum rent will be set by market conditions and would vary by land use and size of <br />development, including: <br />o Hotel: approximately $400,000 per year, based on number of rooms <br />o Multi-family: approximately $855,000 per year, based on number of units <br />o Restaurant: approximately $120,000 per year <br />o Market: approximately $20,000, dependent on specific tenant <br />·Developer performance and financing requirements prior to entering into leases; <br />·Required schedule of performance during buildout; and <br />·Specific maintenance and reserve requirements throughout term to ensure property is well <br />maintained and remains a quality asset for the City. <br />STAFF ANALYSIS <br />Pursuant to Government Code Section 65358, the City Council may amend the General Plan if <br />such amendments are deemed to be in the public interest. Staff prepared recommended findings <br />of fact in support of the proposed amendments, so that the City Council may find the amendments <br />are in the public interest to make the project resilient to projected sea level rise, the amendments <br />are in the public interest because they prioritize housing over office space, and the amendments <br />are in the public interest because they expand parkland along the waterfront on Mulford Point. <br />Page 6 City of San Leandro Printed on 2/19/202013