Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Manager
Subject: Lease and Sublease Agreement with the City of Belmont
RECOMMENDATION:
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Adopt a resolution authorizing:
A) The County Manager to execute a Lease Agreement and Sublease Agreement with the City of Belmont (the "City") for the Belmont Sports Complex & Conference Center, 550 Island Parkway, Belmont, CA for a ten-year term with annual sublease payments by the City of $668,000; and
B) The County Manager or designee to execute, on behalf of the County of San Mateo, all notices, options, consents, approvals, terminations, and documents associated with the Lease Agreement and Sublease Agreement.
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BACKGROUND:
From time to time, cities within San Mateo County have requested financial assistance in connection with various community projects such as the construction or improvement of libraries or other facilities which, when completed, will benefit not only the cities' residents but all residents of San Mateo County. In light of these requests, the County Manager's Office and County Counsel's Office have worked with outside counsel to develop a transactional framework by which the County may provide the desired financial assistance to cities.
DISCUSSION:
Toward this end, the County and the City of Belmont have negotiated a lease transaction in which the County would provide funds that the City will use to improve the premises known as the Belmont Sports Complex & Conference Center, located at 550 Island Park Way, Belmont, CA 94002 (the "Sports Complex & Conference Center"). Upon completion, the Sports Complex & Conference Center will provide recreational, athletic, and meeting spaces for residents of Belmont and other San Mateo County residents.
Specifically, the County and City have negotiated Lease and Sublease Agreements (the "Agreements") whereby the City will lease the Sports Complex & Confe...
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