Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John L. Maltbie, County Manager
Subject: An amendment to the Permit Agreement with Bank of America, N.A., to allow for the continued operation of an ATM within the County-owned building located at 2415 University Avenue, in the City of East Palo Alto (No. 5253)
RECOMMENDATION:
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Adopt a resolution authorizing:
A) The President of the Board of Supervisors to execute an amendment to the Permit Agreement with Bank of America, N.A., to enable the continued operation of an ATM at the County-owned building located at 2415 University Avenue, in the City of East Palo Alto, for an initial term of five years at a starting monthly base rent of $1,746.62; and
B) The County Manager, or his designee, to accept and execute on behalf of the County any and all notices, options, consents, approvals, terminations, and documents in connection with the Permit Agreement.
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BACKGROUND:
In 1998, the County and Bank of America entered into a Permit Agreement for the installation, operation, and maintenance of an ATM at the County-owned building located at 2415 University Avenue, in the City of East Palo Alto ("Agreement"). In 2013, the Agreement was amended to extend the term to February 28, 2018 and increase the monthly base rent. County and Bank of America desire to amend the Agreement again to further extend the term, adjust the monthly base rent, and restrict use during certain hours.
DISCUSSION:
Real Property Services has negotiated an Amendment to the Agreement to extend the term through February 28, 2023, and provide an option to extend the term for an additional five years thereafter. The Amendment will also increase the monthly base rent from $1,695.75 to $1,746.62, and prohibit access during the hours of 1:00 am to 6:00 am. Since the ATM is located on the exterior of the building with access provided by way of the parking lot, the access restr...
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