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Council approves third addendum to Beach Boulevard commercial lease, increases rent abatement period
Summary
The council approved an addendum to the triple‑net lease for city property at 15550 Beach Boulevard that increases the rent‑abatement period on the rear portion of the site to 36 months and adjusts the annual rent total.
The council approved addendum number 2 to the commercial triple‑net lease for city‑owned property at 15550 Beach Boulevard (the Lin family lease) during its Sept. 24 meeting.
Ryan Salls, senior management analyst, said the current addendum closely resembles one the council approved in December 2024 but reflects market and lessee‑specific changes following a proposed merger in the auto industry that affected the tenant’s financing. The principal change is an increase in rent abatement for the rear portion of the property to 36 months (an increase of 15 months over the prior version). Staff also noted a modest adjustment to the total annual rent value to reflect the FY 2025 assessment.
After brief council discussion there was a motion to approve the addendum. The roll‑call vote was 5‑0 in favor. Staff said the addendum preserves the lease structure approved by the council and accommodates the lessee’s financing circumstances.
