HomeMy WebLinkAboutMINUTES - 07101990 - 1.127 TO: REDEVELOPMENT AGENCY a� s---------,o
FROM: PHIL BATCHELOR, , f- ` "'�� tra
EXECUTIVE DIRECTORCounty
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DATE: July 10, 1990 °°s>A RIS
SUBJECT: Amendment to Park and Rail Lease of Southern Pacific
Right-of-Way.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve amendment to Lease between Park and Rail Inc. , and Contra
Costa County Redevelopment Agency for a portion of the former
Southern Pacific Right-of-Way; and authorize the Executive Director
or his designee to execute said amendment to lease.
FISCAL IMPACT
The Amendment to Lease provides for a termination payment.. This
buy-out of a portion of the prior lease is in the amount of
$59, 101. 00, -he amount of the termination payment is the present
value of the Park & Rail portion of the stream of rent revenues
that the Agency will be received from the Bay Area Rapid Transit
District lease of the property. The Bay Area Rapid Transit
District will be providing the Agency with a lump sum payment in an
amount sufficient to cover the termination payment to Park & Rail.
BACKGROUND/REASONS FOR RECOMMENDATIONS
December 5, 1985, the Redevelopment Agency entered into a lease of
a portion of -the Southern- Pacific Right-of-Way to Park & Rail Inc.
Park & Rail has operated a parking concession on the right-of-way.
The Bay Area Rapid Transit District desires to lease a portion of
the property currently leased to Park & Rail. This amendment will
terminate the interest of Park & Rail on . that portion. of the
right-of-way which the Bay Area Rapid Transit District is
interested in leasing. The Bay Area Rapid Transit District needs
to obtain land to develop a surface replace parking area while they
construct an 8-level parking structure on their property.
CONTINUED ON ATTACHMENT: YES SIGNATURE: �J
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATIONAGEN COMMITTE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON July 10, 1990 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
X I HEREBY CERTIFY THAT THIS IS A
UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED. ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
cc: Redevelopment Director ATTESTED July ' 10, 1990
CAO PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
County Counsel
Lease Management
BY 0IM4 A" , DEPUTY