DATE: July 21, 2020
TO: Mayor and City Council
Chair and Governing Board of Successor Agency of the City of Hayward
FROM: Deputy City Manager
SUBJECT
Title
Adopt a Resolution Authorizing the City Manager to Negotiate and Execute a Letter Agreement with 1069 B Street, LLC to Defer Rent and Parking Maintenance Payments for Cinema Place
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RECOMMENDATION
Recommendation
That Council, in its capacity as governing board of the Hayward Successor Agency, adopts a resolution (Attachment II) authorizing the City Manager to negotiate and execute a Letter Agreement with 1069 B Street, LLC that defers rent and parking maintenance payments for the Cinema Place parcels.
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SUMMARY
The Hayward Successor Agency receives ground lease rent and parking maintenance fees from the tenant of Cinema Place, 1069 B Street, LLC. Due to the Covid-19 pandemic and shelter in place orders, the ten subtenants at Cinema Place, including the movie theater and several restaurants, have experienced a significant loss in revenue. 1069 B Street, LLC has requested rent deferral for the months of April through October 2020, which it will pass on to its subtenants. The rent will be paid back in 24 installments with no interest or late fees beginning January 2021. Staff is recommending that the Successor Agency approve the attached resolution authorizing the rent deferral for 1069 B Street, LLC and its subtenants.
ATTACHMENTS
Attachment I Staff Report
Attachment II Resolution