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TRANSPORTATION AGENCY FOR MONTEREY COUNTY Memorandum | |
| | | | | | | | | To: | Board of Directors | | From: | Dave Delfino, Finance Officer / Analyst | | Meeting Date: | May 24, 2017 | | Subject: | Agricultural Lease with Eagle Creek Pacific LLC |
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| | | | | | | | | RECOMMENDED ACTION: | | AUTHORIZE the Executive Director to execute a five-year lease of 11.17 acres of Monterey Branch Line Right-of-Way with Eagle Creek Pacific LLC for agricultural use under newly-negotiated lease terms. |
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| | | | | | | | | SUMMARY: | Board approval is necessary to execute this lease, so that the Transportation Agency can continue collecting rent from this property owner for the agricultural use of the Monterey Branch Line Right-of-Way. |
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| | | | | | | | | FINANCIAL IMPACT: | The proposed lease rate is $1,907.43 per acre per year for a term of five years. This new lease rate is a $100 per acre per year increase over the prior lease rate. This lease will generate revenue of $21,306 per year. |
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| | | | | | | | | DISCUSSION: | The Transportation Agency first leased 11.17 acres of Branch Line Right of Way property to Dole Fresh Vegetables. In April 1, 2004 Dole Fresh Vegetables their property adjacent to the Monterey Branch Line to Eagle Creek Pacific LLC. After the sale, the Transportation Agency leased the Branch Line property to Eagle Creek Pacific LLC. This subsequent lease has expired and Eagle Creek Pacific LLC desires a renewal.
Staff recommends that the Board approve the Monterey Branch Line agricultural lease to Eagle Creek Pacific LLC and authorize Executive Director to execute this lease.
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