DSS Notes

December 19, 2008

Present: Andrew Romero, Elena Rosenfeld, Janine Reid, Cindy Osborne. Susan Staples, Bob Arellano, Cameron Duff, Ray Peterson, Gail Craig

We met with David, an owner representative of Albertson’s. He stated that they would rather sell than lease but they wanted to make a deal, which may or may not include, 1M toward remodeling and free or discounted rent for 1 or 2 years with an option to lease at a locked-in price. The idea was to help relieve the front end costs.

The sale price at this point is 2.5M. The building has a total of 41,385 SF, 5000 SF in storage at back of building. There are 230 parking spaces.

Environmental studies have been done and he will send the due diligence reports. He will also send the utility costs which are estimated to be $1500/mo empty and as high as $10,000/mo in the winter.

Post Meeting Discussion:

AIMS

If we make an offer to AIMS it will be an intent to lease for purchase.

Would not be a library, just DSS.

Technology is excellent

CP would have more patron space when Collection Resources moves out

ALBERTSON’S

A long term solution creating more space for CP and plenty of DSS space

Could anchor the neighborhood

We’re creating a library we don’t need.

Would take major remodeling

Moving CP sells better to public than Aims

Quest service is a problem

More bang for the buck

Utility costs are a concern

Might use for DSS and other non-profit space

$120SF to remodel

Could we renovate just 25,000 SF – keep 15,000 for growth and storage

Move both CP and DSS to this location and sell the existing CP building

A new library is not in the long term plan but this is not a new library, it’s a moving library.

RECOMMENDATION

Ray would like to pursue both options.

AIMS: - The committee will recommend to the board to draw up a letter of intent to Aims of a 3 year lease to purchase of 10,000 SF.

ALBERTSON’S: The committee will investigate who owns the CP building and land and what might be done with that property. An offer of 1M will be made to the owners of Albertson’s with the request that they gut the building at their cost. An alternative offer might be to pay a monthly payment until 2012 then pay the purchase price in full.