Resolution approving Port Commission Lease No. L-17432 with NorCal Rental Group, LLC, a limited liability corporation, for approximately 44,750 square feet of paved land at Pier 96 for the storage and parking of construction related vehicles and equipment, the term is effective upon approval of this Resolution and completion of Port’s Pier 96 Gatehouse Project, with an initial lease term of five years with two options to extend the term for a total of five additional years, at a monthly base rent of $31,772.50, subject to annual three percent increases for both the initial and extended terms, and with a total base rent of $4,321,110 over the full extended term.

The Port Commission approved Resolution No. 26-31, authorizing a new lease with NorCal Rental Group, LLC for approximately 44,750 square feet at Pier 96, following the completion of the Pier 96 Gatehouse Project.

Port staff presented the terms of the proposed Lease No. L-17432 to the Port Commission, highlighting the need for a stable tenant and the anticipated revenue from the lease.

The Port Commission approved Resolution No. 10-37, establishing a Large Land Discount for land transactions, which would apply to the new lease with NorCal Rental Group.

NorCal Rental Group entered into Lease No. L-17292 for a smaller area near Pier 96 while awaiting the completion of the Pier 96 Gatehouse Project.

The proposed lease was submitted to the Board of Supervisors for approval, marking the next step in the legislative process.