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