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City Council to Vote on 66 Year Lease for Bay Ship and Yacht

Alameda City Council will consider a 20 year lease with multiple options for Bay Ship and Yacht, which operates a shipyard on Alameda’s waterfront, near the Main Street Ferry Terminal. (Google Maps)

Next week, Alameda City Council will vote on a proposed lease with Bay Ship and Yacht that would have an initial term of 20 years, with options to extend the lease for a total of 66 years.

The parcel is an irregular shaped one anchored at the civic address of 2900 Main Street, near the Main Street ferry terminal. It includes a pier and a drydock for ship repair. Bay Ship and Yacht also leases an adjacent parcel, where it operates a ship lift, known as the Alameda Gateway Parcel; use of this parcel is covered by a separate lease.

Currently, the shipyard operator pays $38,486 per month for the parcel at 2900 Main Street, but under the new modified triple-net lease proposed, that amount would adjust to $36,916 per month; the City of Alameda and Bay Ship and Yacht would evenly split payment of real property taxes for the property.

The rent would increase to $40,608 per month in year five of the lease, to $44,668 in year 10, and $49,135 in year 15. In year 20, the rent would be adjusted to market rate, subject to a cap and a floor.

The City of Alameda is also providing two 20-year options, and a 6-year option to extend the lease, bringing the total considered lease term to 66 years.

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