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RiversideCA.gov
FOURTH AMENDMENT TO EXTEND THE COMMERCIAL LEASE WITH RODNEY DANIELSON FOR OFFICE SPACE AT 3750 MARKET STREETCity CouncilMay 20, 2025Community & Economic Development Department RiversideCA.gov2
BACKGROUNDApril 18, 2012
•5-year Commercial Lease Agreement•Tenant: Rodney Danielson, Standing Chapter 13 TrusteeMay 22, 2017 •First Amendment - Extended for two years
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BACKGROUNDAugust 7, 2019
•Second Amendment – Extended for five yearsSeptember 17, 2024 •Third Amendment•Revised termination clause, decreased rental rate, reduced annual increase RiversideCA.gov4
•Current lease expired on August 30, 2024.•The Fourth Amendment will extend the lease for three years. •Leased space: 6,018 sf•Current rent: $14,796.16/mo. (approx. $2.46/sf)•Annual increase: 3%Commercial Lease with Danielson Garage 33750 Market Street
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Strategic Priority No. 3 –Economic Opportunity Goal 3.1 –Facilitate partnerships and programs to develop, attract, and retain innovative business sectors.Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
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That the City Council:1.Approve the Fourth Amendment to Commercial LeaseAgreement, Attachment 1 – Agreement, with the RodneyDanielson, Standing Chapter 13 Trustee, to extend the termfor an additional three years; and2.Authorize the City Manager, or his designee, to execute theAgreement with Rodney Danielson, Standing Chapter 13Trustee, including making minor and non-substantivechanges.RECOMMENDATIONS