REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
January 11, 2022
FROM
TERRY W. THOMPSON, Director, Real Estate Services Department
SUBJECT
Title
Entitlement and Option Agreement with Majestic Realty Co. for Entitlement Period and Option to Enter into Revenue Development Ground Lease for 46.2 Acres of Vacant Land in Chino
End
RECOMMENDATION(S)
Recommendation
1. Rescind approval of a 65-year revenue lease with Majestic Realty Co. for approximately 46.2 acres of vacant County-owned land located on the southeast corner of Remington Avenue and Flight Avenue in Chino (Assessor Parcel Numbers 1055-061-01, 1055-061-02, 1055-071-01, 1055-071-02, and portions of 1055-051-01 and 1055-051-02) and authorization for the Director of Real Estate Services to execute the revenue lease on the terms granted by the Board of Supervisors on March 9, 2021 (Item No. 31).
2. Approve the Entitlement and Option Agreement with Majestic Realty Co. to provide for an entitlement period of 24 months, commencing upon mutual execution, for $10 and an initial deposit of $1,000,000, an option to extend the entitlement period for 180 days for an additional deposit of $250,000, and an option to enter into a revenue Development Ground Lease with an initial term of 65 years with two 17-year options to extend the term of the lease (for an aggregate term of 99 years if both options are exercised) with net revenue to be equally split between Majestic Realty Co. and San Bernardino County from the development of approximately 46.2 acres of vacant County-owned land located on the southeast corner of Remington Avenue and Flight Avenue in Chino (Assessor Parcel Numbers 1055-061-01, 1055-061-02, 1055-071-01, 1055-071-02, and portions of 1055-051-01 and 1055-051-02).
3. Authorize the Director of the Real Estate Services Department to execute the Development Ground Lease with Majestic Realty Co. or its affiliate in substantially the form attac...
Click here for full text