IN THE CITY COUNCIL OF THE CITY OF SAN LEANDRO
RESOLUTION NO. 2026-XXX
RESOLUTION TO APPROVE A $218,681.44 INCENTIVE MANAGEMENT FEE PAYMENT TO AMERICAN GOLF CORPORATION (AGC) FOR FY 2026 AND TO APPROVE AN APPROPRIATION OF $122,750.44 FROM THE SHORELINE ENTERPRISE GOLF COURSE FUND FOR PAYMENT IN FY 2027 WHEREAS, the Management Agreement between the City of San Leandro and American Golf Corporation (AGC) provides for payment of an Incentive Management Fee for the management of Monarch Bay Golf Course; and
WHEREAS, pursuant to the Management Agreement, said Incentive Management Fee is 20% of the amount by which Net Operating Income (NOI) exceeds $750,000; and
WHEREAS, for FY 2026, AGC generated Net Operating Income of $1,843,407.21, exceeded the contractual baseline of $750,000 by $1,093,407.21, resulting in an Incentive Management Fee of $218,681.44; and
WHEREAS, the adopted FY 2027 budget includes $95,931 for the Incentive Management Fee, requiring an additional appropriation of $122,750.44 in Shoreline Enterprise Golf Course Fund to fully fund $218,681.44 to AGC.
NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as follows:
That the City Council hereby approves an Incentive Management Fee payment of $218,681.44 to AGC, and an appropriation of $122,750.44 from the Shoreline Enterprise Golf Course unrestricted fund balance to account F605-CC103-SC024 are approved.
Introduced by Councilmember _______________ and passed and adopted this 19th day of October 2026 by the following vote:
AYES: ()
NOES: ()
ABSENT: ()
ATTEST:
Sarah K. Bunting
City Clerk
DRAFT