Title
Ground Lease of City-owned Property on Central Avenue to Sports Global, LLC
Action
Action:
A. Adopt a resolution approving the ground lease of 8.14 acres of city-owned property on the Eastside Parcel of Eastland Yards on Central Avenue (portions of parcel identification numbers 103-041-99 and 103-041-08) to Sports Global, LLC, and
B. Authorize the City Manager, or his designee, to negotiate and execute all documents necessary to complete the lease of the property.
Body
Staff Resource(s):
Shahid Rana, Economic Development
Todd DeLong, Economic Development
Explanation
* Sports Global, LLC (SG LLC) desires to lease approximately 8.14 acres of city-owned land located on the Eastside Parcel of Eastland Yards for purposes of operating a facility for sports activities, community events, concessions, medical services, entertainment, and other ancillary uses.
* The key terms for the Ground Lease are as follows:
* Lease term of 50 years with the option to renew for one additional period of 25 years;
* Lessee shall pay $1.00 base rent per lease year;
* The base rent increases to fair market value if the lessee fails to meet obligations related to amateur sport events on the property; and
* Lessee will complete construction of the facility no later than December 31, 2028.
Background
* On August 28, 2023, City Council directed staff to collaborate with the two proposing development teams to determine if their visions can be combined to deliver an elevated multi-use amateur sports campus on the eastern portion of the Eastland Yards redevelopment.
* During the September 9, 2024, and October 3, 2024, City Council Business Meetings, City Council approved up to $18.994 million to support public infrastructure improvements on the property and up to $22.334 million to support the construction of indoor and outdoor amateur sports facilities.
* On March 6, 2026, the Eastland Sports Campus held a groundbreaking ceremony on the property to initiate the infrastructure wo...
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