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Pasadena Unified School District Resolution 2895 2026-06-25

InSite Proposes 99-Year Lease and $450K Annual Rent

Initial deposit of $500,000 upon execution of agreement; additional $500,000 upon completion of due diligence (total deposit $1,000,000); annual ground lease payment of $450,000Pasadena UnifiedINSITE REALTY ADVISORS LLCJune 25, 2026

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Description

InSite Realty Advisors proposes a 99-year ground lease for the Linda Vista Elementary site, including a combined $1 million deposit and annual ground lease payments of $450,000 starting after approvals or occupancy. The structure is intended to provide long-term, stable revenue for the District while delivering a 40-home rental community and enhanced park space.

Contract Details

Contract Amount

Initial deposit of $500,000 upon execution of agreement; additional $500,000 upon completion of due diligence (total deposit $1,000,000); annual ground lease payment of $450,000

Vendor

INSITE REALTY ADVISORS LLC

Agency

Pasadena Unified, CA

Contract Type

FACILITIES

Document Date

June 25, 2026

Contract Term

Ninety-nine (99) year ground lease term

Renewal Date

2125-12-31

Renewal Info

Proposal specifies a 99-year lease term; no renewal or extension options beyond the initial term are described.

Issuing Agency

Pasadena Unified

School

Pasadena, CA

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Vendor

INSITE REALTY ADVISORS LLC

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Pasadena Unified School District Resolution 2895 2026-06-25

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