Resolution No.
STOCKTON CITY COUNCIL
RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A LEASE AGREEMENT WITH STEPHENS MARINE INC. AT 4950 BUCKLEY COVE WAY The property located at 4950 Buckley Cove Way is under the City’s stewardship, granted by the State Lands Commission (Chapter 1700, Statutes of 1965); and The current City lease for the property known locally as Riverpoint Landing, will expire on December 31, 2024; and Stephens Marine Inc. desires to again lease the property located at 4950 Buckley Cove Way, starting upon execution, for a twenty-five (25) year period with lessee’s option to extend for twenty-five (25) additional years; and In addition to lease payments for use of the property, Stephens Marine, Inc. will also invest an estimated $1.64 million by the end of 2026 to improve the property; and The City has published notice of its intention to lease with Stephens Marine Inc. in conformity with Article V, Section 510 of the Charter; now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS:
The City Manager, or designee, is hereby authorized to execute a 25-year Lease Agreement, with lessee’s option for 25 additional years, between the City of Stockton and Stephens Marine, Inc., to lease the property on 4950 Buckley Cove Way, attached as Exhibit 1 and incorporated herein by this reference.
The City Manager, or designee, is hereby authorized to take whatever actions are necessary and appropriate to carry out the purpose and intent of this Resolution.
PASSED, APPROVED, and ADOPTED July 26, 2022 .
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KEVIN J. LINCOLN II
Mayor of the City of Stockton
ATTEST:
ELIZA R. GARZA, CMC
City Clerk of the City of Stockton