AgdaPkt 2009-04-27 - Laserfiche WebLink

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Decisions on the highest and best use of the Property will be made by the City Council in the future, and some or all potential uses could result in cost of purchase offsets by other parties, through development fees and charges. California Environmental Quality Act (CEQA) As no specific use for the property has been determined, the act of acquiring the property does not constitute a "project" under California Code of Regulations section 15378. Moreover, per section 15061 of California Code of Regulations, as 9EQA applies only to projects which have the potential for causing a significant effect on the environment, the act of acquiring the property, without more, would not make this action subject to CEQA. Closina Date: The closing date is scheduled for June 11,2009. CEMEX is granted two options to extend the closing until Jury 14, 2009, and August 13, 2009, respectively. These extension options may be exercised by CEMEX only if they require additional time to deliver possession of the property free of tenants and subtenants. The extension options must be exercised, if at all, at least two business days before the scheduled closing date. Feasibility Period: The City has until June 3. 2009, to perform inspections and other due diligence of the Property to determine whether the Property is suitable for the City's potential future uses. Current Occuoants: The Property is currently leased by CEMEX to Frey's Trucking Company, which uses and occupies a portion of the Property for its trucking and landscape materials business. The balance of the Property is subleased to approximately 25-30 subtenants (including landscaping and other contractors) for storage purposes. Sair Island Aquatic Center f'SIAC") leases the aquatic center directly from CEMEX. At the closing, the lease between CEMEX and SIAC for the aquatic center will be assigned to the City.