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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
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County Manager's Office
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DATE:
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October 28, 2004
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BOARD MEETING DATE:
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December 7, 2004
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TO:
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Honorable Board of Supervisors
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FROM:
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Steve Alms, Manager, Real Property Services
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SUBJECT:
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Second Lease Amendment with Coyote Point Yacht Club, Inc. for the Operation of a Yacht Club at Coyote Point Park, San Mateo, California (Lease No. 5025)
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RECOMMENDATION:
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Adopt a Resolution authorizing the President of the Board of Supervisors to execute a Second Lease Amendment with Coyote Point Yacht Club, Inc., extending the term of the lease by eight years and requiring the tenant, within two (2) years, to complete certain improvements to the premises, including those necessary to comply with the Americans with Disabilities Act (“ADA”).
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BACKGROUND:
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The Coyote Point Yacht Club has been in operation at Coyote Point Park since 1967. The current lease expires on September 15, 2011, and the Yacht Club has one-five year option to extend. Coyote Point Yacht Club, Inc. proposes to make certain improvements to the facility, including those necessary to fully comply with ADA in accordance with the current lease. An eight-year extension of the lease is proposed so that the tenant can meet the requirements of its lender in financing the cost of the improvements.
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DISCUSSION:
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The Coyote Point Yacht Club Board of Directors is developing five and ten-year improvement plans for the Club, including ADA improvements. The total cost of the improvements is estimated at $250,000, including $200,000 for the ADA related improvements. The Yacht Club Board of Directors intends to fund these improvements from the proceeds of a 20-year loan.
In order to obtain a loan commitment, the Yacht Club must hold a lease term that matches the 20-year term of the loan. The proposed eight-year extension of the lease will meet that requirement.
The County's Director of Parks and Recreation favors extension of the lease term provided that the tenant completes all work in compliance with ADA within the next two (2) years as set forth in the Amendment. All improvements are subject to Building and Planning review and approval.
The Director of the Environmental Services Agency and the Parks and Recreation Director concur in this recommendation.
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VISION ALIGNMENT:
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The proposed Second Lease Amendment keeps the commitment of responsive, effective and collaborative government and goal number 20: Government decisions are based on careful consideration of future impact, rather than immediate gain. The amendment contributes to this commitment and goal by providing the extension of the term that will assist Coyote Point Yacht Club, Inc. in funding capital improvement of the facility.
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FISCAL IMPACT:
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There is no fiscal impact associated with the lease extension.
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