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Committee amends and forwards interim Old Mint lease with NPU Inc.; tenant to perform improvements and pay percentage rent
Summary
The committee approved amendments and forwarded a resolution authorizing a four-year interim lease (with three five-year options) with NPU Inc. for the Old San Francisco Mint at 88 Fifth Street, forgiving $163,000 in past-due rent in exchange for $477,000 in tenant improvements and a participation rent of 10% of monthly gross revenue.
The Budget and Finance Committee on Sept. 3 voted to amend and forward to the full Board of Supervisors a resolution authorizing the Director of Property to enter into an interim lease with NPU Inc. (Non Plus Ultra) for the Old San Francisco Mint at 88 Fifth Street. The amended lease term is four years with three five-year options to extend; the city inserted a termination clause allowing the city to end the interim lease should the larger capital project proceed.
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