AGENDA PROPERTY MANAGEMENT COMMITTEE MEETING ...

Terms.Original termTerms10 years.Option to ExtendUse:Rent:Insurance:Workers’ Compensation andEmployer’s Liability InsuranceCommercial General LiabilityInsuranceOne additional 10 year term with mutualconsent.To construct, install and operate a fiber opticcable and construct two bore holes,including access to and from the Premises.$2,614.00 as a lump sum payment with rightfor additional rent for each extension oflicense.$1,000,000 each occurrence.$2,000,000 per occurrence for Bodily Injury,Personal Injury or Death and PropertyDamage.Comprehensive AutomobileLiability Insurance$2,000,000 per occurrence for Bodily Injuryor Death and Property Damage.Rent.In determining the rent for the Premises, staff reviewed a recent appraisal of anotherparcel of District land with similar zoning. The parcel appraised at $5 per square foot.Staff applied the valuation method used by appraisers when they appraised otherparcels of District land to determine the lump sum rent payment of $2,614.00. To adjustthe rent payment over the 10 year term for inflation, staff applied the average annualConsumer Price Index rate of 3%, which rate is used by the Southern California EdisonCompany in their license agreements with the District.Prior Board Action(s): N/A