REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
July 23, 2024
FROM
TERRY W. THOMPSON, Director, Real Estate Services Department
SUBJECT
Title
Ratification Actions Taken by the Chief Executive Officer Regarding Entitlement and Option Agreement with Majestic Realty Co.
End
RECOMMENDATION(S)
Recommendation
Ratify actions taken by the Chief Executive Officer to acknowledge and not dispute the position taken by Majestic Realty Co. that, pursuant to Section 13.3 of Entitlement and Option Agreement No. 22-12 with Majestic Realty Co., the time period for Majestic Realty Co. to exercise their option to enter into a revenue Development Ground Lease with San Bernardino County was tolled 126 weeks, plus 30 days, such that the time period for Majestic Realty Co. to exercise the option to lease expires on January 14, 2027.
(Presenter: Terry W. Thompson, Director, 387-5000)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Create, Maintain and Grow Jobs and Economic Value in the County.
Operate in a Fiscally-Responsible and Business-Like Manner.
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
FINANCIAL IMPACT
Approval of this item will not result in the use of Discretionary General Funding (Net County Cost). There is no cost associated with the tolling, or extension, period.
On January 26, 2022, San Bernardino County (County) received an initial deposit of $1,000,000 from Majestic Realty Co. (Majestic) for the Entitlement and Option Agreement No. 22-12 (EOA) to provide Majestic with a 24-month entitlement period and an option to enter into a revenue Development Ground Lease (Lease) for an initial term of 65 years with two 17-year options to extend the term for approximately 46.2 acres of vacant County-owned land located on the southeast corner of Remington Avenue and Flight Avenue in Chino (Assessor's Parcel Numbers 1055-061-01, 1055-061-02, 1055-071-01, 1055-071-02, and portions...
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