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Estimated Value-No appraised value information exists for these easement interests.Use of the <br /> entire Courthouse Square is restricted for public use by the County of San Mateo.The easement <br /> interests generate minimal net revenue and have no estimated market value. <br /> Rental Revenues- Rental revenues are derived from the kiosk rentals.The rental agreements are <br /> monthly.The gross total annual rent from the four rentals is approximately$12,000.The net rent after <br /> the expenses of maintaining the plaza area is minimal. <br /> Potential for Transit Oriented Development -The property interests are a public facility and have no <br /> TOD development potential. <br /> �������r�c��� ������� ������� <br /> Background-This property interest is a lease with the United States Postal Services (USPS).The lease <br /> was entered into in 2005 between the former redevelopment agency and USPS.The lease had an initial <br /> term of five year with automatic 12-month extensions thereafter,with termination at any time after six <br /> months notice. The lease may not transferred or sublet without USPS consent.This lease is still in <br /> effect. <br /> Acquisition Purpose-The lease allowed the pedestrian area surrounding the post office to be <br /> renovated by the former redevelopment agency for public pedestrian circulation,and for use by an <br /> adjacent restaurant for outdoor dining.The Paseo portion of the lease links a public parking lot to the <br /> retail uses on Jefferson Street. In October 2005 the agency(with USPS consent) entered into a license <br /> agreement with Tarboosh Restaurant for use of a portion of the lease area for outdoor seating.The <br /> license agreement was assigned to HAP Partners (DBA Howie's Artisan Pizza) in May 2014 and is still <br /> in effect. <br /> Parcel Information <br /> TABLE 5 -JEFFERSON PASEO LEASE INFORMATION <br /> ITEM PARCEL INFORMATION COMMENTS <br /> Parcel# 053-131-190 Portion of Post Office parcel <br /> Address 855 Jefferson Avenue <br /> Lease Area Approximately 10,500 sq.ft. Approximately 60'x 175' <br /> Current Use Public walkway Including outdoor dining area <br /> Zoning Public Facility Per powntown Precise Plan <br /> Acquisition Date 2005 for lease October 2005 for License <br /> Acquisition Value/Cost Unknown <br /> Estimated Value Minimal Public use only <br /> Rental Revenues $6,000 annual <br /> Environmental Condition Unknown <br /> Prior Development Proposals None <br /> 5-4-16 12 <br />