This resolution approves a lease agreement with TEC of California, Inc. for space at Pier 80, covering approximately 21,842 square feet of shed space and 11,540 square feet of paved land for three years, with options to extend. The total cost of the lease will not exceed $2,735,362.
Resolution approving Port Commission Lease No. L-17253 with TEC of California, Inc., a California corporation (“TEC”) for approximately 21,842 square feet of shed space and 11,540 square feet of paved land at Pier 80 for a three year term, effective upon approval of this Resolution, with three one-year options to extend, for a not to exceed amount of $2,735,362.
How it got here
The legislation originated from the need to consolidate existing leases for TEC of California, Inc. at Pier 80 into a new lease agreement approved by the Port Commission.
The Port Commission approved the terms for Lease No. L-17253 with TEC of California, Inc., allowing for a three-year lease with three one-year extension options, consolidating two existing leases.
The Port Commission adopted Resolution No. 23-36, establishing a Ramp Up Leasing Incentive Program to phase lease rates for tenants with at least a three-year term.
The Port submitted the proposed Lease No. L-17253 along with necessary documents to the Clerk of the Board of Supervisors for approval.
The Budget and Finance Committee recommended the approval of Lease No. L-17253 for TEC of California, Inc. to the Board of Supervisors.
The Board of Supervisors adopted the resolution approving Lease No. L-17253 with TEC of California, Inc., allowing for a total rent of up to $2,735,362.
The Mayor approved the resolution passed by the Board of Supervisors, finalizing the lease agreement with TEC of California, Inc.
Reconstructed from attached documents & the official record
