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Pasadena Unified School District Resolution 2895 2026-06-25

Olson Company Offers $6M Lump Sum for Linda Vista Lease

$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 depositPasadena UnifiedTHE OLSON COMPANYJune 25, 2026

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Description

The Olson Company submitted a letter of intent proposing a 99-year ground lease and $6 million lump-sum lease payment for Pasadena USD’s Linda Vista property, supported by staged deposits and an entitlement timeline. The proposal also commits Olson to refurbish and improve the on-site park while the District retains control of the park area.

Contract Details

Contract Amount

$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 deposit

Vendor

THE OLSON COMPANY

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

LOI specifies a 99-year lease; no renewal or extension beyond this term is described.

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Related Contracts

Pasadena Unified School District Resolution 2985 2026-06-25

Pasadena Unified (California)Proposed one-time lump sum lease payment of $6,000,000 for a 99-year ground lease; initial $60,000 deposit at escrow opening; additional $60,000 deposit after feasibility; optional 3-month entitlement extension for $60,000June 24, 2026

southern-california-association-of-governments-agenda-2023-04-13_576.pdf

Southern California Association of Governments (California)$3,000 SilverApril 13, 2023

southern-california-association-of-governments-agenda-2023-02-16_d9f.pdf

Southern California Association of Governments (California)$1,000February 16, 2023

Issuing Agency

Pasadena Unified

School

Pasadena, CA

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Vendor

THE OLSON COMPANY

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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

$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 yearsJune 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

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