Title
Authorization to Amend Lease with BAMCM, LLC, to Include One Additional Five-Year Option (Ordinance S-43941)
Description
Request authorization for the City Manager, or his designee, to amend Contract 124338 with BAMCM, LLC (Crazy Jim's), to provide one additional five-year option period through Aug. 31, 2028. Further request authorization for the City Treasurer to accept all funds related to this item.
Report
Summary
BAMCM, LLC, (tenant) currently leases approximately 4,000 square feet of interior, ground floor retail space at 305 W. Washington St. for the Crazy Jim's restaurant. The tenant is currently in the first option period of the lease term, through Aug. 31, 2018, with one remaining five-year option to extend through Aug. 31, 2023. The tenant plans to make tenant improvements at its sole expense, including new signage in accordance with Planning and Development Department requirements. The purpose of the additional five-year option period is for amortization of the improvements by the tenant over a total 10-year period. Base rent at the beginning of the five-year option period will be at the then-prevailing market rate, plus utility charges and applicable taxes. Base rent will be adjusted annually based on CPI.
Financial Impact
Revenue to be reflective of market rent as determined by the Finance Department Real Estate Division.
Location
305 W. Washington St.
Council District: 7
Concurrence/Previous Council Action
Contract 124338 was approved by Ordinance S-34900, adopted April 2, 2008.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher, Deputy City Manager Karen Peters, and the Public Works and Finance departments.