Meeting_Body
PLANNING AND PROGRAMMING COMMITTEE
FEBRUARY 17, 2016
Subject/Action
SUBJECT: EL MONTE TRANSIT CENTER RETAIL SPACE LEASE
ACTION: AUTHORIZE EXECUTION OF LEASE AGREEMENT WITH BEYOND FOOD MART, INC.
Heading
RECOMMENDATION
Title
AUTHORIZE:
A. the Chief Executive Officer (CEO) to execute a five-year (5-year) Lease Agreement, including an option to extend the term for three (3) additional five-year periods, with Beyond Food Mart, Inc. (Beyond) for the operation of a retail business at the El Monte Transit Center at an average first year annual lease rate of $1.63/square foot or approximately $51,000; and
B. the new net revenue generated to be applied to the Risk Allocation Matrix savings.
Issue
ISSUE
Metro staff released a Request for Proposals for a retail operator for the El Monte Transit Center. Two responses were received. Of those, Beyond, the recommended vendor, offered the most advantageous revenue arrangements as well as the most relevant experience.
Approval of the Lease Agreement requires board approval.
Discussion
DISCUSSION
In May 2015, Metro staff released a Request for Proposals for a retail operator to design, develop, finance and operate a retail business that provides goods and services to patrons at the El Monte Transit Center. Two responses were received and one of the proposers withdrew its proposal prior to the evaluation of proposals by Metro staff.
Metro staff conducted a technical evaluation of the remaining proposal. Based on this analysis, the proposal submitted by Beyond was determined to provide excellent value to Metro with all factors considered.
Beyond proposes to design, develop, finance and operate a convenience store retail business in approximately 2,620 square feet of the space as shown on Attachment "A". The tenant will construct approximately $750,000 in tenant improvements.
The principals of Beyond have extensive experience building and operating conv...
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