Modesto City Schools Facilities Lease Alberta Martone Elementary School June 2025
Lease-Leaseback Construction Contract Awarded for Wellness Center Project
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Description
Modesto City Schools has awarded a lease-leaseback construction contract for the Alberta Martone Elementary School Expanded Learning Wellness Center Building and Site Improvements project to a competitively selected developer. The contract will be governed by a Guaranteed Maximum Price to be set after preconstruction, and lease payments will be made over a term of one year or until final payment.
Contract Details
Contract Amount
Guaranteed Maximum Price (GMP) to be determined after preconstruction services (Total not to exceed amount for preconstruction phase not specified)
Vendor
[DEVELOPER]
Agency
Modesto City Elementary, CA
Contract Type
CONSTRUCTION
Document Date
June 23, 2025
Contract Term
Term commences upon District's acceptance of completed project and ends one year thereafter or upon final lease payment
Renewal Info
The lease term may be extended or shortened in the event of default, purchase option exercise, eminent domain, or damage. District holds a purchase option by paying balance of the loan amount as defined after project completion. Modifications to GMP must be by change order. Liquidated damages, warranty, and default provisions apply.
More from [DEVELOPER]
Related Contracts
san_benito_high_school_district_construction_provi.pdf
ONGOINGModesto City Schools Facilities Lease Alberta Martone Elementary School June 2025
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