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1 RiversideCA.gov
1 CONSIDERATION OF A COMMERCIAL LEASE AGREEMENT
WITH SPT ENERGY BASE HUB FOR APPROXIMATELY 1.30
ACRES OF CITY-OWNED SURPLUS LAND LOCATED AT
670 IOWA AVENUE (APN 247-150-007)
City Council
October 20, 2026
Community & Economic Development Department
RiversideCA.gov
2 670 IOWA AVENUE - 14a
• Ward 2
• Surplus property
• Irregularly shaped property
• Vacant land comps: $0.20 -
$0.25/SF/month (CoStar data)
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3 • Proposed User: Stored Power Technology
670 IOWA AVENUE – PROPOSED LEASE
Desired Use: SPT Energy
Base Demonstration Hub
Hydrogen fueling station
Hydrogen production
Hydrogen-powered public transit with
Ohmio (NDA)
EV Chargers (Chaevi MOU)
RiversideCA.gov
4 TERMS OF LEASE
Term
• 10-year lease with one (1) five (5) year option to extend (15-year total) Commencement
• Commencement 12 months after the date of the issuance of the building permit or 15 months after the Effective Date, whichever is earlier
Rent/Cost
• $11,361.60 per month ($0.20/ SF based on CoStar data) with annual CPI adjustment.
Lease Termination
• Landlord retains the right to terminate the Lease upon six (6) months’ written notice if Tenant fails to meet specific milestones
Site Improvements
• At sole cost and expense, design, permit, construct, install, maintain, repair and replace all off-site improvements
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5 That the City Council:
1. Approve the Commercial Lease Agreement with SPT Energy Base Hub for the lease of City-owned surplus land located at 670 Iowa Avenue, for ten (10) years with one (1) five (5) year option to extend for an initial monthly amount of $11,361.60 per month, subject to annual CPI adjustments; and
2. Authorize the City Manager, or designee, to execute the Commercial Lease Agreement, including making minor and non- substantive changes and signing all documents and instruments necessary to complete this transaction.
RECOMMENDATIONS
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