This resolution extends the lease for Treasure Island from December 1, 2024, to November 30, 2025, allowing the Treasure Island Development Authority to manage the land and structures. It also gives the Treasure Island Director the authority to make minor amendments to the lease that do not significantly increase costs or liabilities for the city.
Resolution approving Amendment No. 49 to the Treasure Island Land and Structures Master Lease between the Treasure Island Development Authority and the United States Navy to extend the term for one year to commence December 1, 2024, for a total term of November 19, 1998, through November 30, 2025; and to authorize the Treasure Island Director to execute and enter into amendments to the Lease that do not materially increase the obligations or liabilities to the City and are necessary to effectuate the purposes and intent of this Resolution.
How it got here
The legislation originated from the need to extend the term of the Treasure Island Land and Structures Master Lease between the Treasure Island Development Authority and the United States Navy.
The Treasure Island Development Authority entered into the Land and Structures Master Lease with the United States Navy, allowing the Authority to use and sublease certain land and structures at no rent.
The Board of Directors of the Treasure Island Development Authority approved the 49th Amendment to the Land and Structures Master Lease to extend its term.
The Budget and Finance Committee recommended the approval of the 49th Amendment to the Board of Supervisors.
The Board of Supervisors adopted the resolution approving the 49th Amendment to extend the lease term until November 30, 2025.
The Mayor approved the resolution passed by the Board of Supervisors.
Reconstructed from attached documents & the official record
