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Port Lease Approved for Full Board Consideration; Budget Office Urges Report on Month‑to‑Month Tenancies
Summary
Committee recommended approval of a 10‑year lease at 360 Jefferson and asked the Port to produce a comprehensive report on roughly 164 month‑to‑month or holdover leases after the budget analyst flagged long‑running underpriced arrangements.
The committee recommended that the full Board approve a resolution authorizing Port Commission Lease L14560 for Port Co at 360 Jefferson (a 10‑year term with a 15‑year extension option). Jeff Bauer, the Port’s leasing manager, said the location was bid previously and PortCo emerged from direct negotiations; budget office review reported the proposed rent represents fair market value compared with previous tenants.
But the budget analyst raised a broader oversight concern after finding that 164 Port leases were on holdover or month‑to‑month status, some for years, and that the Port had renegotiated a subset yielding about $19,000 per month in new revenue from the first batch of renegotiations. The budget analyst and committee urged the Port to provide a complete listing of month‑to‑month tenants, the number of years each has remained on holdover status, current rents and whether those rents reflect fair market value.
Phil Williamson of the Port reported the agency identified 164 leases on month‑to‑month status and has begun negotiations, completing renegotiation on 28 leases so far and assigning 91 for staff pursuit. He said the Port expects ongoing revenue gains as negotiations continue but acknowledged staffing constraints and that many cases will be assessed on a case‑by‑case basis.
The committee voted to forward the lease with the recommendation that the Port prepare the requested report for the Board. Staff said that a hearing on the report could be scheduled within a few weeks.
