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Letter of Intent Summary
The Dedicated Ice Committee, in cooperation with our real estate agent, has prepared a Letter of Intent to be supplied to the owner of the facility at 3121 Diablo Avenue, Hayward, CA. This Letter is only a proposal to negotiate the terms of a potential lease agreement, and is neither an offer nor a contract. Note these terms represent what SFBACC is asking, and there will be some give and take in our discussions with the owner. Once we agree to terms, then we will sit down and begin negotiating a legally binding lease, which of course will take place after the membership decides whether to move forward with this facility. The terms that SFBACC is requesting are outlined below:
-The lease term is 126 months (10 years, 6 months)
-The asking price is $.35 per sq ft; we are asking for $.30 per sq ft.
- SFBACC shall be given two options to renew the lease after 10 years at Fair Market Value, every five years.
-In addition to rent, SFBACC is responsible for all operating costs, estimated to be $.21 per sq. foot annualized.
-SFBACC shall have the right to purchase the property at a pre-negotiated price with 60 days written notice. We are asking for this right for 3 years, but standard in the industry is 1-2 years. We will also be asking for the right of first refusal in the event after this period expires and another potential buyer submits an offer.
-The landlord is responsible for any improvements that are required to comply with city codes, which we believe include installing ADA compliant bathrooms, fire sprinklers, and a garbage enclosure.
-The landlord is also responsible for maintenance of HVAC, electrical, plumbing, structural, seismic stability, man doors, roll up doors, side walls, and the roof.
- In the LOI we are asked to describe our intended use. Here is what we stated: