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Title:
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LONG-TERM LEASE AND INDUSTRIAL DEVELOPMENT OF WATERMAN GOLF COURSE LOCATED AT 1494 S. WATERMAN AVENUE, SAN BERNARDINO, CALIFORNIA; GROUND LEASE AGREEMENT WITH GSW#4 DEVELOPMENT LLC OF ONTARIO CALIFORNIA, FOR A TERM OF 55 YEARS; WELL RELOCATION AGREEMENT WITH HILLWOOD ENTERPRISES, L.P. OF DALLAS TEXAS; TERMINATION OF LEASE WITH J.G. GOLFING ENERPRISES, INC.; PURCHASE AND SALE AGREEMENT WITH HILLWOOD ENTERPRISES, L.P. - 55 YEAR LEASE FOR $1,113,500 IN ANNUAL LEASE REVENUE
That the Board of Public Utilities recommend that the City Council:
1. Approve the 55-year term Ground Lease with GSW#4 Development, LLC, for the use of the Waterman Golf Course parcels for an annual rental revenue of approximately $1,113,500, escalating over the term of the agreement, offset in the first 15 years by certain rental credits;
2. Approve the Well Relocation Agreement with Hillwood Enterprises, L.P. for the relocation of certain city owned water production and conveyance facilities;
3. Appr...
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