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1026 Cerritos Council Meeting

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1026 Cerritos Council Meeting

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1026 Cerritos Council Meeting

  1. 1. Cerritos Council Meeting Public Hearing
  2. 2. Edison Properties (Lease and Sub Lease) • Auto square - $1.3B annual sales and $12.5M sales tax revenue • Edison no longer allows private businesses to use its property for auto storage! Only City can do it? • Last five year agreement expired on 10/31/2016 • Extended for one more year – till 10/31/2017 • Why didn’t renew last year? • Why it took so long? Just five days before expiration coming to the council? • City assumes this is a done deal? Are you looking for resident input seriously? • Or, is it another forgone conclusion, a formality and waste of our time? • Was there any insurance claims in the past? • How much did it cost to the city?
  3. 3. Edison Properties – Continued…. • $290K annually for maintenance and security • $1.6M Municipal improvement fund - 0.754% APY! • 5% APY -> $80K, 3yrs -> $240K! • 0.754% APY -> 12K X 3 = $36K, $200K loss? • Studbaker storage facility • 2118 Parking spaces – Occupancy rate? • $218K to $245K Lease over five years • $1.3M improvement costs • $26 $26 $26 $10 $10 -> Avg $20/slot/month • Delamo storage facility • 1384 Parking spaces – Occupancy rate? • $240K to $270K Lease, • $330K improvement costs • $21 $22 $22 $16 $16 -> Avg $20/slot/month
  4. 4. Edison Properties - Reality Check…. • The projections are based on 100% occupancy. • Is this realistic? • Will the per slot fee increase if the occupancy goes down? • If only half of the spaces are occupied, the revenue will be 50% of the projected with annual loss. • Past occupancy rates and the net loss/profit to the City • How will Cerritos College TUP impact the occupancy rate at these two facilities? • $35,000/month for 1000 slots -> $35/slot/month • Maintenance and utilities are dealer responsibility. • Why NOT Lighting charges? Electricity bill? • $0.50/slot/month – Administrative costs? • Net loss?

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