TITLE
The Mayor and City Council shall discuss and possibly take action on approval of a Second Amendment to the Master Planning and Marketing Agreement with The Boyer Company L.C. for the planning, design, marketing, disposition and future development of land within the Estrella Gin Business Park for light industrial, flex and office space purposes. Discussion and Action.
AGENDA ITEM DESCRIPTION
On May 20, 2014, City Council approved a Master Planning and Marketing Agreement with The Boyer Company L.C. for the planning, design, marketing, disposition and future development of land within the City-owned Estrella Gin Business Park site. The agreement was executed on June 25, 2014. Since that time, Boyer has proceeded to fulfill the requirements of the agreement by developing a conceptual master plan, conceptual building designs, and marketing materials. Boyer is now marketing the site for lease and build-to-suit opportunities. Boyer is working to obtain pre-leasing commitments so it can develop the first phase of the project which, per the agreement, is a building of at least 36,000 square feet. The initial term of the City's agreement with Boyer was for one year with a year extension granted and set to expire on June 24, 2016. Due to the delays with in acquiring the land for the extension of Edison Road, Boyer wishes to extend the term for one additional year beginning on June 25, 2016, so it can continue marketing the site, securing tenants and progress to negotiating a disposition and development agreement with the City and starting construction.
Master Planning and Marketing Agreement Summary:
Boyer agrees to provide a conceptual master plan, conceptual building designs, draft Covenants, Conditions and Restrictions and marketing services to potential building tenants for the Estrella Gin Business Park. In exchange for the services noted above and provided Boyer has obtained pre-leasing commitments for at least sixty percent (60%) of a building that is at l...
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