RECOMMENDATION(S):
APPROVE and AUTHORIZE the Director of Airports, or his designee, to execute, on behalf of the County, a lease between the County, as Lessor, and Valley Relocation and Storage of Northern California Inc., as Tenant, for the lease of property located at 5400 Marsh Drive.
FISCAL IMPACT:
There is no negative impact on the General Fund. The lease permits the Airport Enterprise Fund to receive ground rent. In addition, the General Fund will continue to receive property, sales and possessory interest tax revenues from the lease. The ground rent will begin at $9,800 per month during the first year, and will be adjusted annually thereafter based on changes in the Consumer Price Index.
BACKGROUND:
This property was formerly leased by JR Leasing, doing business as Budget Sales and Leasing. JR Leasing discontinued operations in November 2009. The Board of Supervisors approved the early termination of the lease with JR Leasing at its January 12, 2010 meeting. Airport staff has been marketing this site since JR Leasing vacated the premises.
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