Pasadena Unified School District Resolution 2985 2026-06-25
InSite Offers 99-Year Ground Lease For Linda Vista Redevelopment
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Description
InSite Realty Advisors proposed a 99-year ground lease to Pasadena Unified School District for the Linda Vista site, featuring $1,000,000 in deposits applied to the lease and annual ground rent of $450,000. The rent would begin after discretionary approvals or issuance of a final Certificate of Occupancy, providing the District long-term stable revenue.
Contract Details
Contract Amount
Initial deposit $500,000 upon execution of agreement; additional deposit $500,000 upon completion of due diligence (total $1,000,000) applicable to ground lease; annual ground lease payment of $450,000 commencing the earlier of 36 months from approvals or final Certificate of Occupancy
Vendor
INSITE REALTY ADVISORS
Agency
Pasadena Unified, CA
Contract Type
FACILITIES
Document Date
June 24, 2026
Contract Term
Proposed 99-year ground lease
Renewal Info
Proposal specifies a 99-year term; any extensions or renewals beyond that period would be subject to future negotiation in the final ground lease.
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