Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Michael P. Callagy, County Executive
Subject: Extend Lease Agreement Option with East Bayshore Investment Group et al. for Office of Sustainability Warehouse and Office Space at 1757 E. Bayshore Road, in Redwood City (Lease No. 1333).
RECOMMENDATION:
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Adopt a resolution authorizing:
A) The President of the Board to execute a notice to landlord to extend lease with East Bayshore Investment Group et al., for 1,256 square feet of warehouse and office space, located at 1757 E. Bayshore Road, Redwood City, California, for an extended term of five years, at an initial monthly base rent of $2,386.40, plus common areal operating expenses; and
B) The County Executive or designee to execute notices, options and documents associated with the lease including, but not limited to, extension or termination of the lease under the terms set forth therein. (Lease no. 1333)
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BACKGROUND:
The County of San Mateo, as authorized by Resolution No. 077180, has leased 1,256 square feet of warehouse space at 1757 E. Bayshore Road, in Redwood City since February 01, 2020; The warehouse is currently shared by Surplus Property and Office of Sustainability for Surplus Property storage, Office of Sustainability program storage, and Office of Sustainability volunteer engagement activities.
DISCUSSION:
The Board of Supervisors is presented for its consideration and acceptance, a Notice to Landlord to Extend Lease, pursuant to the “Option to Extend” of the original Lease Agreement. The Extension Term is to commence February 1, 2023, for a term of five (5) years, with monthly Base Rent of $2,386.40, charged at $1.90 per square foot per month, plus $470.00 monthly estimated common space operating expenses. Annual increases of 4% are to begin upon second extension year.
FISCAL IMPACT:
There is no new Net County Cost associated with this lease agreement. The monthly base rent of $2,386.40 and estimated annual operating expenses have been budgeted in the FY 2022-23 Adopted Budget.