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A special meeting of the City Council of the City of Brentwood was called to order at the hour of 6:30 p.m. in the City Council Chambers, 734 Third Street, Brentwood, California, with Mayor Kidd presiding.
Councilmember Petrovich requested that the meeting be continued stating he had not had sufficient time to review the documentation. The majority decided to continue.
PRESENT: Councilmembers Gomes (7:35 p.m.), McPoland, Petrovich, Young and Mayor Kidd
Discussion of Lease Agreement with Contra Costa Community College District for the Brentwood Education and Business Center located at 7391 Brentwood Boulevard.
Howard Sword, Economic Development Coordinator, presented space planning and cost estimates.
The City is planning to remove the façade from the existing store and replace it with a more formal one. The inside of the building will contain classrooms, circulation corridors as well as additional office space. The college will be occupying approximately 50% of the building with other businesses occupying the remaining space. This project is a major factor in the revitalization of the Brentwood Center.
The estimate to build out the project is approximately $1,000,000. The basic projection is that it would cost approximately $240,000/yr. (based on a 20yr. ARM) to retire the mortgage. Cost estimates included TIC, P&I, Common Area Maintenance & Janitorial Services.
The College will pay a monthly rent plus an additional $500/FTES (full time student equivalency).
Leases from the rest of the building will also subsidize the cash flow.
Average rent will work out to be approximately $1.33/sf.
Staff will address the following concerns:
1. Make sure the other property holders and tenants are aware of the Citys plans to remodel the building façade
2. Question was raised concerning the payment of property taxes on the building since we are leasing it to another state agency.
4. Build into the lease projected enrollment figures to be reviewed every year or at five years to protect the Citys interests.
5. Clarify the language on page 4 (b) Option Rent.
There being no further business, the meeting was adjourned at 7:20 p.m.
Acting Minutes Clerk
City of Brentwood City Council
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Brentwood, CA 94513
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