Report Prepared by: Taylor Gates, Economic Development Associate, Office of Economic Development
Title
SUBJECT: Approval of Lease Agreement Between the City of Merced and Westamerica Bank for 6,100 Square-Feet Located at 1801 M Street Starting at $1.33 Per Square Foot for Three (3) Years and an Option for a Three (3) Year Extension
REPORT IN BRIEF
Considers a lease agreement between the City of Merced and Westamerica Bank, located at the Merced Center Parking Garage (1801 M Street) for three (3) years and one (1) option for a three (3) year extension.
RECOMMENDATION
City Council - Adopt a motion:
A. Approving the lease agreement between the City of Merced and Westamerica Bank; and,
B. Authorizing the City Manager or the Deputy City Manager to execute the necessary documents.
Body
ALTERNATIVES
1. Approve as recommended by staff; or,
2. Approve, subject to modifications as conditioned by Council; or,
3. Deny the request completely; or,
4. Refer back to staff for reconsideration of specific items as requested by Council; or,
5. Continue item to a future Council meeting (date to be specified in City Council motion).
AUTHORITY
Section 200 of the City of Merced Charter.
CITY COUNCIL PRIORITIES
As provided for in the 2022-23 Adopted Budget
DISCUSSION
Westamerica Bank has leased 6,100 square-feet in the Merced Center Garage since 2009. The lease with Westamerica Bank has expired, and the company desires to enter into a new lease with the City. A new lease was drafted, and Westamerica Bank agrees to the terms (Attachment 1.)
Proposed Lease
The City of Merced and Westamerica Bank negotiated a lease subject to the following key terms (Attachment 1):
Location: Merced Center Parking Garage, 1801 M Street, Merced CA
Leased Area: 6,100 square feet of ground floor retail/office space
Term: Three (3) years and one (1) three (3) year option to extend
Common Area: Interior hallway
Rent: June 1, 2022 - May 31, 2023 $1.33 per square foot
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