Tuesday, September 23, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Lease plan up for approval at Solano College

By
From page A6 | January 15, 2014 |

FAIRFIELD — Members of the Solano Community College board of trustees will look to approve a lease agreement Wednesday that will lead to the relocation of the automotive program from Fairfield to Vallejo.

Approval of a three-year lease agreement worth $748,696 between the college and the nonprofit landlord Evergreen Cemetery Association will give the college a 16,144-square-foot space to allow the automotive program to move from Armijo High School into its own digs.

The building is located at 1301 Georgia St. in Vallejo and will serve as the program’s home until the design and construction of an on-campus building at the Vallejo Center is completed.

According to business correspondence, monthly base rent for the first year will be $8,072, the second year $9,686 and the third year, $11,300. Certain improvements with an estimated cost of $400,000 will be footed by the landlord but will be recouped through a three-year term with an 8 percent interest rate that boosts up monthly base rental by $12,534.60.

There is a two-year option to extend the lease. If that case arises, financial terms will be adjusted to 90 percent of the third year base rental rate for the optional duration, which amounts to $10,110.72 a month.

The meeting begins at 6:30 p.m. A brief open session will reconvene into closed session. Open session will being again upon the completion of closed session business. The meeting takes place at 360 Campus Lane, Suite 201, Fairfield.

Reach Susan Winlow at 427-6955 or swinlow@dailyrepublic.net. Follow her on Twitter at www.twitter.com/swinlowdr.

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