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File #:20-057,Version:1 <br />·Procedures for default, remedies & termination, cooperation & implementation, transfers & <br />assignments, etc. <br />Exhibits to the DDA include a Purchase and Sale Agreement (PSA) for the Single-Family element, <br />which provides for the sale of approximately 16 acres of land on a portion of the nine-hole golf course <br />and the construction of approximately 200 single-family and townhomes. <br />Key business terms of the PSA include: <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 City-approved <br />design that includes public outreach; <br />·Developer must be prepared to begin construction and have golf course design approved by <br />the City prior to property sale closing; <br />·Developer must complete golf course before completing sale of all of the homes to ensure golf <br />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 a <br />total lease term of 99 years; <br />·Restaurant and Market subject to 34-year lease terms, with extensions that could add up to a <br />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 reappraised at <br />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 such <br />City of San Leandro Printed on 2/20/2020Page 6 of 12 <br />powered by Legistar™114