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Committee backs amendment to Bill Graham lease that reduces city utility exposure, raises participation rent and requires tenant improvements
Summary
The committee recommended forwarding a lease amendment for the Bill Graham Civic Auditorium that increases tenant responsibility for utilities, guarantees participation rent for events, reduces guaranteed city days and requires approximately $10.25 million in tenant improvements, which the tenant will fund.
Claudia Gorham of the Department of Real Estate presented an amendment to the 20-year Bill Graham Civic Auditorium lease (originally approved in 2010) that would add a new smaller venue and revise several economic terms. Key changes presented: a base-rent revision (city's materials note $300,000 base rent for the building), the removal of a city utility-credit (making the tenant responsible for utilities), a tenant commitment to at least…
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