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Council authorizes ground-lease negotiation for Foster Street parcel and approves redemption of Stone Manor EDRBs
Summary
Council directed staff to negotiate a new ground lease with 12800 Foster Street LLC and to terminate the current ground lease with U.S. Bank N.A. subject to a new lease; the council also approved Resolution 5117 to convey Stone Manor leasehold interests back to the owner and unwind related EDRBs.
Finance Chair Newland told the council the committee unanimously recommended directing staff to negotiate a new ground lease with 12800 Foster Street LLC for city'owned right'of'way adjacent to 12800 Foster Street and to terminate the current ground lease with U.S. Bank National Association once a new lease is entered into. The council approved the direction and authorized the City Manager to execute the new agreement when complete.
Separately, staff (identified by the mayor as Miss Sterling) presented Resolution 5117, a ministerial action to redeem outstanding Economic Development Revenue Bonds (EDRBs) related to the Stone Manor project and to convey leasehold interests back to the property owner to relieve the city of its leasehold interest. The council approved Resolution 5117 by roll call after a motion from Newland.
City staff said the EDRBs will be paid off later in the month and that approval will unwind the city's leasehold interest per the documents executed at the time the bonds were issued.
