HomeMy WebLinkAboutAgenda Report - December 15, 2004 I-04AGENDA ITEM 1404
CITY OF LODI
COUNCIL COMMUNICATION
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AGENDA TITLE: Prospective lease of City property with Lodi City Center 12, LLC (Atlas
Properties) located within the Downtown Park and Ride structure at 2 East
Elm Street
MEETING DATE: December 15, 2004
PREPARED BY: Community Development Director
RECOMMENDED ACTION: Staff recommends that the Council authorize the lease as
presented.
BACKGROUND INFORMATION: As part of the design of the Downtown Park and Ride Structure
approximately 13,000 square feet of leasable space was created
along Sacramento Street. This space was always envisioned
as a location for additional business activity downtown. Since the completion of the structure, the City
has had many different discussions regarding the format of the lease.
Pursuant to Council direction, staff sent a Request for Proposals to a variety of development, real estate
and property management firms with the intent of finding the best fit for the City. Atlas Properties
submitted a proposal that the Council felt had the most benefit and staff has been negotiating with that
company since. The negotiations with Atlas Properties were interrupted while a study took place as to
possible City use of the space involved. Now, since that issue has been resolved, we believe the lease is
now in its final form.
The City Council has met several times in Closed Session to review the deal points of the lease. In fact,
the final document is on the agenda for the 1 S`h in closed session in case any other issues exist. Assuming
the Council is prepared to approve the agreement, the action on Regular Calendar is ready to be acted
upon.
KB/lw
Respectfully Submitted,
&adtartlam
Community Development Director
APPROVED: \----Cr
Janet S. Oeter, fn erim City Manager