DATE: June 22, 2021
TO: Board of Supervisors
SUBMITTED BY: Raman Bath, County Librarian
Robert W. Bash, Director, Internal Services/Chief Information Officer
SUBJECT: Riverdale Library Branch Estoppel Certificate
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Director of Internal Services/Chief Information Officer, or designee, to execute:
a. the Estoppel Certificate required by Lease Agreement No. 20-314/L-042 for 20975 Malsbary Street in Riverdale, CA with Sandy Hill, Trustee of the Hill Marital Trust; and,
b. upon review and approval by County Counsel as to legal form and Auditor-Controller/Treasurer-Tax Collector as to accounting form, future related Estoppel Certificates, as well as Subordination and Attornment Agreements, and any other necessary agreements, certificates, notices, instruments, or documents required by the Lessor.
REPORT
Approval of the recommended action will authorize the Director of Internal Services Department/Chief Information Officer, or designee, to execute documents required by the lessor during the term of the recommended lease, including, but not limited to, an estoppel certificate or a subordination and attornment agreement. The estoppel will confirm to a potential lender that the County has a lease with the property owner. The lease is related to a property that houses the Riverdale Library Branch. This item pertains to a location in District 4.
ALTERNATIVE ACTION(S):
There is no viable alternative action. Upon the terms of the lease, the County is required to enter an Estoppel if requested by the lessor.
FISCAL IMPACT:
There is no monetary consideration or fiscal impact to the County associated with the recommended actions. The five-year lease is funded from Measure B and property tax revenue. Sufficient appropriations and estimated revenues will be included in the Library Org 7511 FY 2021-22 Recommended Budget.
DISCUSSION:
The Library has leased space at 20975 Malsbary Street in Riverdale since 1978. On ...
Click here for full text