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Committee authorizes staff to negotiate ground lease with new owner at 12800 Foster
Summary
Committee directed staff to negotiate a ground lease with 12800 Foster LLC to allow continued use of right-of-way improvements and recommended termination of the existing US Bank ground lease contingent on the new agreement.
City staff briefed the committee on a request from the new owner of 12800 Foster to enter a ground lease allowing the owner to continue operating and maintaining right-of-way improvements that were built when US Bank occupied the site. Staff said the prior ground lease extended to June 30 to allow removal obligations and that the new lease would be with the property owner (not the tenant) and would include the city's right to terminate the lease.
A committee member moved that staff be authorized to negotiate a new ground lease with 12800 Foster LLC, recommend council approval, and terminate the current ground lease with US Bank National Association upon execution of the new lease; the committee seconded the motion and voted unanimously to forward the recommendation to City Council.
