CUBBERLEYSITE DISCUSSION

June27,2011
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CITY/PAUSD SchoolSiteChronology

CubberleySchoolSiteBuilt CubberleysiteclosedleasedincludingFHDA CityacquiresTermanSchool(20yrleasetopurchase) CovenantnottoDevelopandCubberleylease PAUSDrequeststopurchaseTermanfromCity CouncilApprovesCubberleyswap(7.93acres) FoothillOffertoPurchase 1st Request 2nd Request RequestforOffers

1955 1979 1981 1989 1999 2001

2007 2009 2011

CITY/PAUSD LeaseHistory
Terman Middle School
Jordan Middle School Cubberley High School 1981- Leased by City with Option to Purchase 1988- Interim Lease by City 1989- City Leased all 35 Acres from PAUSD 2001- City Swaps Terman for Ownership of 8 Acres at Cubberley

Owned Cubberley 8 High School Acres 27 Acres Leased Cubb Leased

TENANTS AND USER GROUPS

CITY OWNED 8 ACRES - TENANTS

FOPAL K6, K7 Dance Connection K5 Good Neighbor Montessori K4, K3 Acme Education Center L1 Foothill D5, D6, D7 Foothill C Artists E Foothill P Chinese Reading H4 Dance Connection L5 Zohar Dance L4

Friends of the Library LIB

Foothill J

Dance Vision L3

Foothill D3 Artists F California Law Revision D1, D2 Artists U

Palo Alto Prep. H2, H3

Childrens Preschool T1

Wildlife V

Total Annual Rental Revenue (excluding Foothill) $423,402.00

FOOTHILL SQUARE FOOTAGE USE

21,170 SQ.FT./PAUSD OWNED

18,493 SQ.FT/CITY OWNED

CubberleyStatistics

35TotalAcres 27AcresPAUSD 8 AcresCity 175,540sq.ft.Building 94,402(FHoccupies21,170)PAUSD 76,138(FHoccupies18,493)City 750ParkingSpaces 620 SchoolDistrict 130 City
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CommunityGroupsandTenants Notincludinghourlyrenters

Foothill Artist Studios (22)

L. Anderson, L. Bouchard, U. Delarios, K. Edwards, M. Fletcher, P. Foley, L. Gass, M. Gavish, B. Gunther, P. Hannawy, A. Hibbs, I. Infante, S. Ingle, M. Lettieri, S. Kiser, A. McMillan, J. Nelson-Gal, M. Paulker, N. Raggio, C. Sullivan, N. White, C. Velazquez

Dance Studios (3)

Dance Action, Dance Connection, Zohar

Schools (2)
Acme Education, Palo Alto Preparatory

Childcare (2)
Childrens Preschool Center, Good Neighbor Montessori

Nonprofit Community Organizations (4)

Hua Kuang Reading Room, Wildlife Rescue, Friends of the Palo Alto Library
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Cubberley Tenants
USE
Foothill

SQ. FT
39,672

RENT/SQ
$1.96

RENT ANNUAL
$933 K

Non Profit
FOPAL Hua Kuang PA Prep Wildlife Rescue Preschool Dance Visions Zohar 1,700 672 2,496 1,565 8,772 3,130 3,740 $0.65 $1.11 $1.79 0 $0.24 $1.11 $1.16 $13K $8,900 $54K 0 $26K $41K $52K

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Cubberley Tenants (cont)

USE For Profit
ACME Ed. Cal Law Rev. Dance Connection Montessori Artists 3,910 800 3,060 3,010 12,395 $1.72 $2.08 $1.69 $1.78 PA Resident $0.67 Non Res $0.72 $81K $20K $62K $64K $94K

SQ. FT

RENT/SQ

RENT ANNUAL

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Revenue Summary
Foothill- DeAnza Property Rental (Artists/ Non Profits, etc) Hourly Rental (Events, etc) City Office Rental Total Revenue $0.93M $0.52M ($0.42M from Citys 8ac excluding FH) $1.02M $0.07M $2.54M

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Expense Summary
Lease Management and Maintenance Non Maintenance Operating Expenses Total Expenses $0.44M

$1.77M

$2.21M

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Cubberley Capital Improvements and Annual Maintenance

Planned CIPs and Deferred Maintenance $10,200,000 $6,500,000 $16,700,000 $332,000

2012-2016 2017-2036 Total Annual Routine Maintenance

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LeaseTermsandOptions
15Years(19892004) 10Years(20042014)* 5Years(20142019) 5Years(20192024)

InitialTerm 1st Option 2nd Option 3rd Option

*NoticetoExtendduetoDistrictby 12/31/2013
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2011 Projected Payments to PAUSD

Cubberley Lease Covenant Child Care Sites Utilities Total $4.48M $1.73M $0.60M $0.52M $7.33M

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Questions/ Comments

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