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Pasadena Unified School District Resolution 2895 2026-06-25

Woodbridge Offers $400K Annual Rent for Linda Vista

$25,000 initial nonrefundable cashier’s check; $200,000 Good Faith Deposit; $100,000 for each of up to two 3‑month entitlement extensions; Annual Lease Rent of $400,000 with 10% increases every five yearsPasadena UnifiedWOODBRIDGE PACIFIC GROUPJune 25, 2026

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Description

Woodbridge Pacific Group proposes a 99-year ground lease for Pasadena USD’s Linda Vista site, including $25,000 and $200,000 deposits, optional $100,000 entitlement extensions, and annual lease payments starting at $400,000 with 10% increases every five years. The plan features 45 rental homes and refurbishment of approximately 1.6 acres of park space, with improvement costs credited toward rent.

Contract Details

Contract Amount

$25,000 initial nonrefundable cashier’s check; $200,000 Good Faith Deposit; $100,000 for each of up to two 3‑month entitlement extensions; Annual Lease Rent of $400,000 with 10% increases every five years

Vendor

WOODBRIDGE PACIFIC GROUP

Agency

Pasadena Unified, CA

Contract Type

FACILITIES

Document Date

June 25, 2026

Contract Term

Ninety-nine (99) year Lease Agreement following entitlement and a 12-month Construction Period

Renewal Date

2125-12-31

Renewal Info

Proposal centers on a fixed 99-year lease term with scheduled 10% rent increases every five years; no explicit renewal or extension options beyond this term are noted.

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Related Contracts

Pasadena Unified School District Resolution 2985 2026-06-25

Pasadena Unified (California)Proposed annual ground rent of $400,000 with 10% increases every 5 years; initial $25,000 cashier’s check and $200,000 good faith deposit; two optional 3‑month entitlement extensions at $100,000 each; park design and improvement costs to be credited toward rentJune 24, 2026

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Issuing Agency

Pasadena Unified

School

Pasadena, CA

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Vendor

WOODBRIDGE PACIFIC GROUP

View vendor profile

More from Pasadena Unified

Pasadena Unified School District Resolution 2895 2026-06-25

Estimated to generate approximately $285,806,869 over the anticipated 99-year lease term, including an initial annual ground lease payment of $575,000 and proposed upfront payments totaling $1,000,000June 25, 2026

Pasadena Unified School District Resolution 2895 2026-06-25

Annual ground lease payment of $375,000 with 2.5% annual increases; Initial Deposit of $1,000,000; four potential Permitting Period extensions at $100,000 eachJune 25, 2026

Pasadena Unified School District Resolution 2895 2026-06-25

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 $450,000June 25, 2026

Pasadena Unified School District Resolution 2895 2026-06-25

$6,000,000 one-time lump sum Lease Payment for a 99-year ground lease; initial $60,000 deposit at escrow opening plus an additional $60,000 after feasibility (total $120,000); optional $60,000 extension depositJune 25, 2026

Pasadena Unified School District Resolution 2895 2026-06-25

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