Title
Lease of City-Owned Property at University City Boulevard Parking Deck to JuaMoto Sunfired Cuisine, LLC
Action
Action:
A. Adopt a resolution to approve a lease agreement with JuaMoto Sunfired Cuisine, LLC for a 63-month term for retail space in the University City Boulevard Parking Deck,
B. Authorize the City Manager to renew the lease for up to one, 60-month term, and
C. Authorize the City Manager to negotiate and execute all documents necessary to complete the transaction.
Body
Staff Resource(s):
Brent Cagle, CATS
Kelly Goforth, CATS
Lori Lencheski, CATS
Explanation
* The UCB Parking Deck on the LYNX Blue Line Extension (BLE) in Council District 4 incorporates approximately 11,495 square feet of leasable space for office and retail, per the Transit Oriented Development ordinance.
* The leasable spaces provide opportunities for retail and business firms to offer goods and services to customers using the BLE, along with walk-up customers from surrounding areas.
* JuaMoto Sunfired Cuisine, LLC will use the space to operate a restaurant and related services and products.
* The lease terms are:
* Approximately 2,472 square feet of retail space in the UCB Parking Deck (Suite 215);
* Lease amount of $4,429 per month ($53,148 annually) for year one, escalating at a rate of three percent annually for each year thereafter, as is consistent with market rates; and
* Tenant pays a share of common area maintenance costs.
* Tenants are responsible for improvement costs related to up fit of the parking deck office and retail space.
* The city agrees to reimburse the tenant for improvement costs only if CATS terminates the lease during the initial term for transit related activity. The total amount of reimbursable expenses shall not exceed $40 per square foot or $98,980.
* This lease is for the last available retail space at the UCB Parking Deck.
Fiscal Note
Funding: Revenue from the lease will be deposited in the CATS Operating Budget
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