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FIRST AMENDMENT TO PROPERTY
MANAGEMENT AND LEASE AGREEMENTS
WITH INLAND PACIFIC ADVISORS
Successor Agency Board
February 7, 2023
Community & Economic Development
RiversideCA.gov
2 1. 1994: City Council and the Redevelopment Agency
(Agency) Board authorized the purchase of 3737 Main
Street (California Tower).
2. 1994: The Agency entered into lease and leaseback
agreements with the State of California, Department of
General Services (DGS), making the Agency
responsible for the operation, maintenance, repairs
and leasing of the ground floor.
3. Terms of both agreements run concurrently and may
expire, at soonest, on October 1, 2024.
BACKGROUND
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3 BACKGROUND
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4 4. 2008: the Agency entered into two agreements with Inland Pacific Advisors (IPA) to provide management and leasing services.
5. 2017: When the IPA contract expired, Community &
Economic Development Staff issued Requests for Proposals for both services and found IPA’s proposals to be the most responsive.
6. December 19, 2017: the Successor Agency approved new property management and leasing agreements with IPA
through January 7, 2023, which contained options to
extend.
BACKGROUND
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5 1. Although both agreements were approved in their
entirety, the 2017 staff report inadvertently omitted
language requesting the authorization for the
Executive Director, or designee, to execute the first
amendments.
2. IPA has longstanding institutional knowledge and
experience with Cal Tower and will maintain
established relationships with existing tenants for the remainder of the Successor Agency’s lease-back
agreement with the DGS.
DISCUSSION
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6 Strategic Priority 3 – Economic Opportunity
Goal 3.3 - Cultivate a business climate welcoming innovation, entrepreneurship and investment.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
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7 That the City Council:
1. Approve the First Amendment for the Property Management Agreement and the Exclusive Authorization of Lease Agreement with Inland Pacific Advisors, Inc. through September 30, 2024; and
2. Authorize the City Manager or designee to execute the First Amendment for the Property Management Agreement and the Exclusive Authorization of Lease Agreement with Inland Pacific Advisors, Inc., including making minor and non-substantive changes.
RECOMMENDATIONS
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