HomeMy WebLinkAbout051704 2nd Lease Amend CSUF Central Art CenterREQUEST FOR
AGENCY ACTION
AGENCY BOARD MEETING DATE:
MAY 17, 2004
TITLE:
SECOND LEASE AMENDMENT WITH
CALIFORNIA STATE UNIVERSITY,
FULLERTON FOUNDATION FOR THE
GRAND CENTRAL ART CENTER
EXECUTIVE DIRECTOR
RECOMMENDED ACTION
Eduction itt
AGENCY SECRETARY USE ONLY:
APPROVED
❑
As Recommended
❑
As Amended
❑
Ordinance on 1" Reading
❑
Ordinance on 2ntl Reading
❑
Implementing Resolution
❑
Set Public Hearing For
CONTINUED TO
FILE NUMBER
Direct the Agency General Counsel to prepare and authorize the Executive
Director to execute a Second Lease Amendment to the approved agreement
with California State University, Fullerton Foundation.
DISCUSSION
On April 5, 2004, the Community Redevelopment Agency approved an amended
agreement with the California State University, Fullerton Foundation to
extend their operating agreement for the Grand Central Art Center for an
additional 20 years, which brings the total operating period to 30 years.
The subject amendment will modify the "Early Termination" section of the
agreement, which states that commencing in Year 16 (i.e., on January 1,
2015) though Year 30 (i.e., January 1, 2029), CSUF Foundation may request
early termination of this lease upon one year's notice due to economic
hardship or other unforeseen circumstances.
FISCAL IMPACT
There is no fiscal impact associated with this action.
J P. Reekstin
E ecutive Director
JPR /LDY /kla
H: Actions\ 2004CRA\ AmendAgreeCSUFullerFndtnGmdC trlArtCtr- 5 -17 -04
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