Reso 2025-172 FY25 Incentive Management Fee Payment

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IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO RESOLUTION NO. 2025-172 RESOLUTION TO APPROVE A $136,898.87 INCENTIVE MANAGEMENT FEE PAYMENT TO AMERICAN GOLF CORPORATION FOR FISCAL YEAR 2025 AND TO APPROVE AN APPROPRIATION OF $40,967.87 FROM THE SHORELINE ENTERPRISE GOLF COURSE FUND FOR PAYMENT IN FISCAL YEAR 2026 WHEREAS, an agreement between the City of San Leandro and American Golf Corporation (AGC) stipulates that the City will pay an Incentive Management Fee for the management of Monarch Bay Golf Course; and WHEREAS, said Incentive Management Fee is 20% of the amount by which Net Operating Income (NOI) for a given year exceeds $750,000; and WHEREAS, for Fiscal Year 2025, AGC generated Net Operating Income of $1,434,494.35, exceeding revenue and NOI projections, resulting in Incentive Management Fee of $136,898.87; and WHEREAS, an appropriation of $40,967.87 in Shoreline Enterprise Golf Course Fund in Fiscal Year 2026 is required to disburse the Incentive Management Fee payment of $136,898.87 to AGC. NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as follows: That the City Council hereby approves a Management Incentive Fee payment of $136,898.87 to AGC, and an appropriation of $40,967.87 from the Shoreline Enterprise Golf Course unrestricted fund balance to account 596-56-001-5831 are approved; and That the City Manager or her designee is authorized to take all actions and execute all documents necessary to effect the purpose and intent of this Resolution. Introduced by Councilmember Aguilar and passed and adopted this 15th day of December 2025 by the following vote: AYES: Councilmembers Aguilar, Boldt, Bowen, Simon, Viveros-Walton, Mayor González (6) NOES: None (0) ABSENT: Councilmember Azevedo (1) ATTEST: Sarah K. Bunting Acting City Clerk