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20-0121_SJC MISSION VENTURES, LLC_F1b_PowerPoint PresentationProposed Lease of City Property Adjacent to Mission Grill Item F1b January 21, 2020 2 Location 3 Limited Portion of City Parcels 4 Existing Condition Location 5 Limited Portion of City Parcels 6 7 Lease Deal Points •5 year term •5 year option •5% of fair market value of lease area 8 Proposed Use •Expansion of food and beverage operations as well as seating/landscaping •Monument sign on City parcel 9 Capo Brew/Heritage BBQ 11 12 Purchase Option •Fair market value established at time of lease – unimproved land (appraisal) •Annual adjustment –CPI based formula •Available 12 months after certificate of occupancy 13 Recommendation: •Adopt a resolution approving a lease agreement with SJC Mission Ventures LLC for portions of APN 121-141-25 and 121-141-26; and, authorize the City Manager to execute the agreement. 14 Thank you QUESTIONS? 15