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File #: 21-2265    Name:
Type: Consent Item Status: Agenda Ready
File created: 3/30/2021 In control: City Council
On agenda: 4/6/2021 Final action:
Title: ADOPT BY TITLE ONLY RESOLUTION NO. CC-2104-030, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO FIRSTSTEPS FOR KIDS, INC A CALIFORNIA CORPORATION APPROVE A LEASE WITH FIRSTSTEPS FOR KIDS, INC. FOR THE PREMISES AT 109 W. TORRANCE BLVD., SUITES 101 AND 102 AND 105 W. TORRANCE BLVD., SUITE 200 FOR A MONTHLY AMOUNT OF $10,542 FOR THE TERM APRIL 6, 2021 - JUNE 5, 2026
Attachments: 1. Administrative Report, 2. Resolution No. CC-2104-030 (FirstSteps), 3. Lease Between the City of Redondo Beach and FirstSteps for Kids, Inc.
Date Action ByActionResultAction DetailsMeeting DetailsVideo
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To: MAYOR AND CITY COUNCIL
From: STEPHEN PROUD, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR

TITLE
title
ADOPT BY TITLE ONLY RESOLUTION NO. CC-2104-030, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO FIRSTSTEPS FOR KIDS, INC A CALIFORNIA CORPORATION

APPROVE A LEASE WITH FIRSTSTEPS FOR KIDS, INC. FOR THE PREMISES AT 109 W. TORRANCE BLVD., SUITES 101 AND 102 AND 105 W. TORRANCE BLVD., SUITE 200 FOR A MONTHLY AMOUNT OF $10,542 FOR THE TERM APRIL 6, 2021 - JUNE 5, 2026
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EXECUTIVE SUMMARY
In March 2012, the City purchased the Pier Plaza leasehold and began the process of direct leasing to various tenants. Pier Plaza is comprised of several buildings totaling approximately 75,000 square feet of office and retail uses. The proposed lease with FirstSteps for Kids, Inc is for the space at 109 W. Torrance Boulevard, Suites 101 and 102 and for the space at 105 W. Torrance Blvd, Suite 200. The combined area totals approximately 5,271 square feet.

The proposed lease is for 62 months with the City retaining the option to terminate the lease with a twelve (12) month prior written notice. Monthly rental revenue to the City's Harbor Uplands Fund will be $10,542 or approximately $2.00 per square foot with a 2% annual increase on the first and second anniversary and a 3% increase each subsequent year of the lease.

BACKGROUND
In March 2012, the City purchased the Pier Plaza leasehold and began the process of entering into direct leases with various tenants. The Pier Plaza leasehold is comprised of buildings 103 to 131 West Torrance Boulevard (on the top level of the Pier Parking Structure) and totals approximately 75,000 square feet of space. The property is prepared almost entirely for office uses; with the lone exception being a restaurant use of less than 4,000 square feet. The proposed lease with FirstSteps for Kids, Inc (the "Tenant") is for the space at 109 W. Torrance Boulevard, Suites 101 and 102 ...

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