This resolution approves a 10-year lease for a restaurant space at 340 Jefferson Street, generating an estimated $1.51 million in revenue, with the Port contributing $470,000 for improvements. The lease includes two options to extend for an additional five years each.
Resolution approving Port Commission Lease No. L-17181 with 340 Jefferson Street Partners, LLC, a California limited liability company, for approximately 3,750 square feet of a single-story restaurant space located at 340 Jefferson Street for a term of 10 years effective upon approval of this Resolution, with two five-year options to extend; and estimated to produce $1,510,000 in revenue over the 10-year term, with the Port contributing $470,000 for improvements to the premises.
How it got here
The legislation originated from the need to lease a vacant restaurant space at 340 Jefferson Street, following a competitive bidding process initiated by the Port Commission.
The Port Commission adopted Resolution Nos. 23-28 and 23-29, allowing payment of broker commissions and authorizing staff to pursue tenants for certain spaces, including 340 Jefferson Street.
The Port hired Maven Commercial to assist in finding a new tenant for the 340 Jefferson Street restaurant space under a broker-assisted competitive bidding process.
The Port Commission authorized the Executive Director to enter into Lease No. L-17181 with 340 Jefferson Street Partners, LLC for the restaurant space, following a selection process that identified them as the top prospect.
The Mayor's Office submitted a resolution to the Board of Supervisors for approval of the lease with 340 Jefferson Street Partners, LLC.
The Budget and Finance Committee recommended the resolution for approval to the Board of Supervisors.
The Board of Supervisors adopted the resolution approving Lease No. L-17181, allowing the restaurant space to be leased to 340 Jefferson Street Partners, LLC.
The Mayor approved the resolution, finalizing the lease agreement with 340 Jefferson Street Partners, LLC.
Reconstructed from attached documents & the official record
