DATE: September 26, 2023
TO: Mayor and City Council
Hayward Redevelopment Successor Agency Board of Directors
FROM: City Manager
SUBJECT: Adopt a Resolution Authorizing the City Manager to Enter into an Agreement Amending the Ground Lease Between the Hayward Redevelopment Successor Agency and 1069 B Street LLC California Limited Liability Company, as Successor in Interest to Cinema Place Hayward, LLC
RECOMMENDATION
That the Council adopts a resolution (Attachment II) authorizing the City Manager to execute an agreement to amend the ground lease between 1069 B Street LLC and the Hayward Redevelopment Successor Agency.
SUMMARY
In 2005, the Redevelopment Agency (RDA) entered into a ground lease with the Cinema Place developer, which expires in 2056. In 2007, the RDA entered into a Parking Lot Maintenance Agreement with the Cinema Place developer for Municipal Lot 3 (the City oversees the maintenance, including utilities, cleaning contracts, and facility updates). The lease and parking agreements were subsequently transferred to the Successor Agency and the current tenant: 1069 B Street, LLC. This staff report outlines a proposed amendment to the current ground lease to help mitigate some of the financial impacts of the COVID-19 pandemic.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution