2017/05/09 City Council Resolution 2017-054RESOLUTION NO. 2017-054
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROHNERT PARK
APPROVING THE FIRST AMENDMENT TO THE FOXTAIL GOLF COURSE LEASE
WHEREAS, the City owns two 18 -hole golf courses and leases the courses to Rohnert Park
Golf via the Foxtail Golf Course Lease dated July 1, 2012; and
WHEREAS, the City now desires to amend the lease to advance funds for the renovation
of a portion of the bunkers at the Foxtail Golf Course ("First Amendment"); and
WHEREAS, the City is party to an Amended and Restated Development Agreement by
and Among the City and University District LLC and Vast Oak Properties L.P. for the
development of the University District Specific Plan (Development Agreement); and
WHEREAS, the Development Agreement provides funds for a Maintenance Annuity and
requires the City to invest all amounts received to create an income stream for the City's General
Fund to pay for the increased cost of municipal services; and
WHEREAS, the advance of funds for the bunker renovation is an investment paying five
percent interest per year for ten years and creates an income stream for the City's General Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rohnert
Park that the First Amendment to the Foxtail Golf Course Lease is hereby approved.
BE IT FURTHER RESOLVED Fiscal Year 2016-17 appropriations in Fund 151 are
increased by $177,000 to fund the bunker renovation advance in accordance with the First
Amendment attached hereto as Exhibit A and incorporated herein.
BE IT FURTHER RESOLVED that the City Manager is hereby directed to execute the First
Amendment in substantially similar form to Exhibit A, subject to minor revisions by the City Attorney
or City Manager, and any other documents pertaining to this transaction for and on behalf of the City of
Rohnert Park.
DULY AND REGULARLY ADOPTED this 9th day of May, 2017.
CITY OF RORNERT AiRK
Jike Mack nzie, Mayor
ATTEST:
Caitlin Saldanha, Deputy City Clerk
Attachment: Exhibit A
AHANOTU: BELFORTE: �CALLINAN: STAFFORD: �Yt MACKENZIE: /� "/ l
AYES: (S ) NOES: ( 0 ) ABSENT:( �) ABSTAIN: ( 0) ��
Exhibit A to Resolution
FIRST AMENDMENT TO FOXTAIL GOLF COURSE LEASE
This First Amendment to Foxtail Golf Course Lease ("First Amendment") dated as of
, 2017 ("Effective Date"), is entered into by and between the CITY OF
ROHNERT PARK, a municipal corporation ("City" or "Landlord") and ROHNERT PARK
GOLF, L.P., a California limited partnership ("Tenant").
BACKGROUND
A. Tenant and City are parties to that certain Foxtail Golf Course Lease (the
"Original Lease") dated July 1, 2012, pursuant to which Tenant leases from the City the Foxtail
Golf Course, located in Rohnert Park, California.
B. Tenant and the City now desire to amend the Original Lease as set forth in this
First Amendment.
C. Capitalized terms used but not defined in this First Amendment shall have the
respective meanings provided in the Original Lease.
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Tenant and the City agree as follows:
The Original Lease shall be amended to add the following as Section 3.7:
"3.7 Bunker Loan. The City shall loan the sum of one hundred and seventy-seven
thousand dollars ($177,000) in immediately available funds ("Bunker Loan") to the Capital
Improvement Fund for the purpose of making capital improvements to the Site, as provided in
Section 3.7.1 below. The City shall deposit the Bunker Loan into the Capital Improvement Fund
on or before ten days after execution of this First Amendment.
3.7.1. Rwiker Improvements. City and Tenant agree that the Bunker Loan shall
be used for the purpose of renovating the bunkers on the North Golf Course on the Site.
3.7.2 Repayment of Bunker Loan. The principal and interest amount of the
Bunker Loan shall be amortized in equal monthly installments of $1,877.36 over the
period that ends on the date that is one hundred and twenty (120) months following the
City's deposit of the Bunker Loan to the Capital Improvement Fund ("Maturity Date").
The Bunker Loan shall earn interest at the rate of five percent (5%) per annum on the
amount of unpaid principal. Commencing in the 20th day of the first calendar month
following the City's deposit of the Bunker Loan and continuing each calendar month
thereafter until the Maturity Date, monthly payment of principal and interest to the City
shall be made from the Capital Improvement Fund."
2. Exhibit D of the Lease, Golf Course Maintenance Specifications, Section 2.17.2 is
deleted and restated in its entirety as follows: "Sand depth shall be randomly checked monthly
for depth of sand and shall be maintained no less than four inches (4") deep at sole expense of
the Tenant. Tenant shall submit written report to City of any bunkers with less than four (4")
inches of sand. Additional sand beyond the minimum four (4") depth may be added, at City
expense, at City sole discretion."
3, Original Lease In F«ll Force and Effect. Except as modified herein, the provisions,
conditions, and terms of the Original Lease shall remain unchanged and in full force and effect.
In the case of any inconsistency between the provisions of the Original Lease and this First
Amendment, the provisions of this First Amendment shall govern and control.
IN WITNESS WHEREOF, the parties have executed this First Amendment as of the
Effective Date.
TENANT:
Rohnert Park Golf, L.P., a California limited partnership
By: Rohnert Park Golf Investors, Inc., a California corporation, General Partner
Printed Name
Title
CITY:
City of Rohnert Park, a municipal corporation
Mayor Jake Mackenzie
Pursuant to Resolution No.
ATTEST:
Approved as to Form:
City Attorney, Michelle Marchetta Kenyon
2
Foxtail Bunker Advance
Principal: $177,000
Interest Rate: 5%
Term: 120 months
Payments: $1,877.36 monthly
Foxtail First Amendment Bunker Advance
Amortization Schedule
Payment Payment Payment
# Month Year
1 July
2 August
3 September
4 October
5 November
6 December
7 January
8 February
9 March
10 April
11 May
12 June
13 July
14 August
15 September
16 October
17 November
18 December
19 January
20 February
21 March
22 April
23 May
24 June
25 July
26 August
27 September
28 October
29 November
30 December
31 January
32 February
33 March
34 April
35 May
36 June
37 July
38 August
39 September
40 October
41 November
42 December
43 January
44 February
45 March
46 April
47 May
48 June
49 July
50 August
51 September
52 October
53 November
2017
2017
2017
2017
2017
2017
2017
2018
2018
2018
2018
2018
2018
2018
2018
2018
2018
2019
2019
2019
2019
2019
2019
2019
2020
2020
2020
2020
202
202
2021
2021
2021
2021
2021
2021
2021
Fund 151 1 Fund 001
Principal
Amount
$1,139.86
$1,144.61
$1,149.38
$1,154.17
$1,158.98
$1,163.81
$1,168.65
$1,173.52
$1,178.41
$1,183.32
$1,188.25
$1,193.21
$1,198.18
$1,203.17
$1,208.18
$1,213.22
$1,218.27
$1,223.35
$1,228.45
$1,233.56
$1,238.70
$1,243.86
$1,249.05
$1,254.25
$1,259.48
$1,264.73
$1,270.00
$1,275.29
$1,280.60
$1,285.94
$1,291.29
$1,296.68
$1,302.08
$1,307.50
$1,312.95
$1,318.42
$1,323.92
$1,329.43
$1,334.97
$1,340.53
$1,346.12
$1,351.73
$1,357.36
$1,363.02
$1,368.69
$1,374.40
$1,380.12
$1,385.87
$1,391.65
$1,397.45
$1,403.27
$1,409.12
$1,414.99
Dedicated
Interest
Amount
IWO-3M3411
$737.50
$732.75
$727.98
$723.19
$718.38
$713.55
$708.71
$703.84
$698.95
$694.04
$689.11
$684.15
$679.18
$674.19
$669.18
$664.14
$659.09
$654.01
$648.91
$643.80
$638.66
$633.49
$628.31
$623.11
$617.88
$612.63
$607.36
$602.07
$596.76
$591.42
$586.06
$580.68
$575.28
$569.86
$564.41
$558.94
$553.44
$547.93
$542.39
$536.83
$531.24
$525.63
$520.00
$514.34
$508.66
$502.96
$497.24
$491.48
$485.71
$479.91
$474.09
$468.24
$462.37
Total
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
$1,877.36
Loan Balance
$175,860.14
$174,715.53
$173,566.15
$172,411.99
$171,253.01
$170,089.20
$168,920.55
$167,747.03
$166,568.61
$165,385.29
$164,197.03
$163,003.83
$161,805.65
$160,602.48
$159,394.30
$158,181.08
$156,962.81
$155,739.46
$154,511.02
$153,277.45
$152,038.75
$150,794.89
$149,545.84
$148,291.59
$147,032.11
$145,767.38
$144,497.39
$143,222.10
$141,941.50
$140,655.56
$139,364.27
$138,067.59
$136,765.51
$135,458.01
$134,145.06
$132,826.64
$131,502.72
$130,173.29
$128,838.32
$127,497.79
$126,151.67
$124,799.94
$123,442.58
$122,079.56
$120,710.87
$119,336.47
$117,956.35
$116,570.47
$115,178.82
$113,781.38
$112,378.11
$110,968.99
$109,554.00
M:\00 -Agendas - City Council\05-09-2017\7C4 3 First Amendment Lo13n Amortization Schedule,xlsx 5/4/2017
Foxtail Bunker Advance
Foxtail First Amendment Bunker Advance
Amortization Schedule
Payment Payment Payment
# Month Year
Fund 151
Principal
Amount
Fund 001
Dedicated
Interest
Amount w1.
19 30&3411
Total
Payment
Loan Balance
54 December 2021
$1,420.88
$456.47
$1,877.36
$108,133.11
55 January 2021
$1,426.80
$450.55
$1,877.36
$106,706.31
56 February 2022
$1,432.75
$444.61
$1,877.36
$105,273.56
57 March 2022
$1,438.72
$438.64
$1,877.36
$103,834.84
58 April 2022
$1,444.71
$432.65
$1,877.36
$102,390.13
59 May 2022
$1,450.73
$426.63
$1,877.36
$100,939.39
60 June 2022
$1,456.78
$420.58
$1,877.36
$99,482.61
61 July 2022
$1,462.85
$414.51
$1,877.36
$98,019.76
62 August 2022
$1,468.94
$408.42
$1,877.36
$96,550.82
63 September 2022
$1,475.06
$402.30
$1,877.36
$95,075.76
64 October 2022
$1,481.21
$396.15
$1,877.36
$93,594.54
65 November 2022
$1,487.38
$389.98
$1,877.36
$92,107.16
66 December 2022
$1,493.58
$383.78
$1,877.36
$90,613.58
67 January 2022
$1,499.80
$377.56
$1,877.36
$89,113.78
68 February 2023
$1,506.05
$371.31
$1,877.36
$87,607.73
69 March 2023
$1,512.33
$365.03
$1,877.36
$86,095.40
70 April 2023
$1,518.63
$358.73
$1,877.36
$84,576.77
71 May 2023
$1,524.96
$352.40
$1,877.36
$83,051.81
72 June 2023
$1,531.31
$346.05
$1,877.36
$81,520.50
73 July 2023
$1,537.69
$339.67
$1,877.36
$79,982.81
74 August 2023
$1,544.10
$333.26
$1,877.36
$78,438.72
75 September 2023
$1,550.53
$326.83
$1,877.36
$76,888.18
76 October 2023
$1,556.99
$320.37
$1,877.36
$75,331.19
77 November 2023
$1,563.48
$313.88
$1,877.36
$73,767.71
78 December 2023
$1,569.99
$307.37
$1,877.36
$72,197.72
79 January 2023
$1,576.54
$300.82
$1,877.36
$70,621.18
80 February 2024
$1,583.10
$294.25
$1,877.36
$69,038.08
81 March 2024
$1,589.70
$287.66
$1,877.36
$67,448.38
82 April 2024
$1,596.32
$281.03
$1,877.36
$65,852.05
83 May 2024
$1,602.98
$274.38
$1,877.36
$64,249.08
84 June 2024
$1,609.66
$267.70
$1,877.36
$62,639.42
85 July 2024
$1,616.36
$261.00
$1,877.36
$61,023.06
86 August 2024
$1,623.10
$254.26
$1,877.36
$59,399.96
87 September 2024
$1,629.86
$247.50
$1,877.36
$57,770.10
88 October 2024
$1,636.65
$240.71
$1,877.36
$56,133.45
89 November 2024
$1,643.47
$233.89
$1,877.36
$54,489.98
90 December 2024
$1,650.32
$227.04
$1,877.36
$52,839.66
91 January 2024
$1,657.19
$220.17
$1,877.36
$51,182.47
92 February 2025
$1,664.10
$213.26
$1,877.36
$49,518.37
93 March 2025
$1,671.03
$206.33
$1,877.36
$47,847.34
94 April 2025
$1,678.00
$199.36
$1,877.36
$46,169.34
95 May 2025
$1,684.99
$192.37
$1,877.36
$44,484.35
96 June 2025
$1,692.01
$185.35
$1,877.36
$42,792.34
97 July 2025
$1,699.06
$178.30
$1,877.36
$41,093.29
98 August 2025
$1,706.14
$171.22
$1,877.36
$39,387.15
99 September 2025
$1,713.25
$164.11
$1,877.36
$37,673.90
100 October 2025
$1,720.39
$156.97
$1,877.36
$35,953.52
101 November 2025
$1,727.55
$149.81
$1,877.36
$34,225.96
102 December 2025
$1,734.75
$142.61
$1,877.36
$32,491.21
103 January 2025
$1,741.98
$135.38
$1,877.36
$30,749.23
104 February 2026
$1,749.24
$128.12
$1,877.36
$28,999.99
105 March 2026
$1,756.53
$120.83
$1,877.36
$27,243.47
106 April 2026
$1,763.85
$113.51
$1,877.36
$25,479.62
M:\00_Agendas - City Council\05-09-2017\7C4 3 First Amendment Lan Amortization Schedule.xlsx 5/4/2017
Foxtail Bunker Advance
Foxtail First Amendment Bunker Advance
Amortization Schedule
Payment Payment Payment
# Month Year
Fund 151
Principal
Amount
Fund 001
Dedicated
Interest
Amount w
1900.3063411
Total
'Payment
Loan Balance
107 May 2026
$1,771.19
$106.17
$1,877.36
$23,708.43
108 June 2026
$1,778.57
$98.79
$1,877.36
$21,929.85
109 July 2026
$1,785.99
$91.37
$1,877.36
$20,143.87
110 August 2026
$1,793.43
$83.93
$1,877.36
$18,350.44
111 September 2026
$1,800.90
$76.46
$1,877.36
$16,549.54
112 October 2026
$1,808.40
$68.96
$1,877.36
$14,741.14
113 November 2026
$1,815.94
$61.42
$1,877.36
$12,925.20
114 December 2026
$1,823.50
$53.86
$1,877.36
$11,101.70
115 January 2026
$1,831.10
$46.26
$1,877.36
$9,270.59
116 February 2027
$1,838.73
$38.63
$1,877.36
$7,431.86
117 March 2027
$1,846.39
$30.97
$1,877.36
$5,585.47
118 April 2427
$1,854.09
$23.27
$1,877.36
$3,731.38
119 May 2027
$1,861.81
$15.55
$1,877.36
$1,869.57
120 June 2027
$1,869.57
$7.79
$1,877.36
($0.00)
Total
$177,000.00
$48,283.15
$225,283.15
M:\00_Agendas - City Council\05-09-2017\7C4 3 First Amendment Ldbn Amortization Schedule.xlsx 5/4/2017