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1 RiversideCA.gov
1 RiversideCA.gov
THIRD AMENDMENT TO LEASE AGREEMENT WITH
ANTONIOUS PIZZA - SUITE 105 OF THE
CALIFORNIA TOWER BUILDING
City Council
January 16, 2024
Community & Economic Development Department
RiversideCA.gov
2 BACKGROUND
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3 1. June 29, 1998: The former Redevelopment Agency entered into a Lease Agreement with Antonious Pizza.
2. February 15, 2006: The First Amendment was approved to make Lease co-terminus with Suite 102, add a taco bar, approve tenant improvements, authorize rent abatement, amend termination date to February 6, 2016 (with a 10-year option to extend), and set a rent commencement date.
3. August 7, 2012: The Successor Agency approved
a Second Amendment to modify the base rent, maintenance schedule, and option periods.
4. November 1, 2015: Lessee exercised its option, extending the Lease Agreement until February 6, 2026.
DISCUSSION
RiversideCA.gov
4 PROPOSED THIRD AMENDMENT
Proposed AmendmentsCurrent Terms
Termination Date: September 30, 2024Termination Date: February 6, 2026 Unpaid Rent: $7,876.03
• Lessee to pay approximately $875.11 per
month; and
• The unpaid Rent must be paid in full by
September 30, 2024.
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5 Strategic Priority 3 – Economic Opportunity and
Goal 3.3 – Cultivate a business climate that welcomes
innovation, entrepreneurship, and investment.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov
6 That the Successor Agency:
1. Authorize the execution of the proposed Third Amendment to the Lease Agreement with Antonious Pizza to amend the Lease termination date to September 30, 2024, and amortize the Unpaid Rent in the amount of $7,876.03.
2. Authorize the Executive Director, or designee, to take all actions necessary, including making minor and non-substantive
modifications, to execute the Third Amendment with Antonious Pizza.
RECOMMENDATIONS
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