FACILITIESDISCUSSED

Pasadena Unified School District Resolution 2985 2026-06-25

Park IV Proposes 99-Year Senior Living Ground Lease

$375,000 per year with 2.5% annual increases; Initial Deposit $1,000,000; four optional Permitting Period extensions at $100,000 each; brokerage fee equal to 4% of the cumulative first 25 years of ground lease paymentsPasadena UnifiedPARK IV GROUP LLCJune 24, 2026

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Description

Park IV Group LLC outlined proposed terms in a non-binding letter of intent to ground lease the Linda Vista site from Pasadena Unified School District for 99 years at $375,000 annually with 2.5% yearly increases, supported by a $1,000,000 initial deposit and defined due diligence and permitting periods. The concept includes a senior living community on a portion of the property and refurbishment of a community park.

Contract Details

Contract Amount

Vendor

PARK IV GROUP LLC

Agency

Pasadena Unified, CA

Contract Type

FACILITIES

Document Date

June 24, 2026

Contract Term

Proposed 99-year ground lease; Due Diligence Period of 120 days; Permitting Period of 24 months with four optional 90-day extensions; Closing no later than 30 days after entitlements and closing conditions satisfied

Renewal Date

2125-12-31

Renewal Info

Letter of Intent contemplates a 99-year term with reversion of land and improvements to the District at the end of the lease if a new ground lease is not established. Four optional 90-day permitting extensions are available for $100,000 each, applicable as prepaid rent, but this LOI is expressly non-binding pending negotiation of a formal ground lease.