DATE: April 12, 2022
SUBJECT:
Title
ASSIGNMENT OF TIDELAND USE AND OCCUPANCY PERMIT, WITH CONSENT TO SUBLEASE, FOR WIRELESS COMMUNICATION EQUIPMENT LOCATED BEHIND THE SAN DIEGO CONVENTION CENTER AT 224 MARINA PARK WAY, CITY OF SAN DIEGO
A. RESOLUTION CONSENTING TO THE ASSIGNMENT AND ASSUMPTION OF A TIDELAND USE AND OCCUPANCY PERMIT FROM SPRINT PCS ASSETS, LLC TO VB RUN, LLC FOR WIRELESS COMMUNICATION EQUIPMENT
B. RESOLUTION CONSENTING TO A SUBLEASE THROUGH SEPTEMBER 30, 2025, WITH ONE FIVE-YEAR OPTION TO EXTEND THE TERM FROM VB RUN, LLC TO SPRINT PCS ASSETS, LLC FOR WIRELESS COMMUNICATION EQUIPMENT
Body
EXECUTIVE SUMMARY:
Sprint PCS Assets, LLC, a Delaware limited liability company (Sprint) occupies one wireless communication equipment site, located behind the San Diego Convention Center at 224 Marina Park Way in Embarcadero Marina Park South under a Tideland Use and Occupancy Permit (TUOP) (District Clerk Document No. 56867). The TUOP currently expires September 30, 2025 with one, five-year option to extend the term, which if exercised would extend the expiration date to September 30, 2030. Sprint is proposing to assign its rights and obligations under the TUOP to VB Run, LLC, a Delaware limited liability company (VB Run), which is a subsidiary of Vertical Bridge, REIT, LLC a Delaware limited liability company.
Conditioned on the approval of the Board of Port Commissioners ("Board") of the assignment of the TUOP, VB Run will assume the ownership interest of the above referenced wireless communication equipment currently owned by Sprint and in turn, VB Run will sublease the equipment back to Sprint for the remainder of the term of the TUOP.
RECOMMENDATION:
Recommendation
Adopt a Resolution consenting to the Assignment and Assumption of a Tideland Use and Occupancy Permit from Sprint PCS Assets, LLC To VB Run, LLC for wireless communication equipment located behind the San Diego Convention Center at 224 Marina Park Way; and,
Adopt a Resolution conse...
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