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The Committee recommended, 3-0, an amended resolution approving a revised lease with Tad’s Inc. for 44 Ellis Street converting base rent to 8% of gross revenues (with retroactive and waiver provisions) and setting a $2,400 monthly water charge. The Committee continued an amended ordinance to raise the Board approval threshold for grants to July 8, 2026. The Committee recommended, 3-0, a 4.50% COLA to the Budget and Legislative Analyst contract effective July 1, 2026, increasing the FY2026–2027 contract amount to $3,544,900.
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The committee approved changes to the lease for Tad’s restaurant at 44 Ellis Street that switch rent to a percentage of sales (8%), set a monthly water charge, and waive certain past charges; this changes how the city and the business share revenue and some historic obligations. A proposed change to allow the city to accept larger grants without Board approval was amended and put off to the July 8 meeting, so no final change has taken effect yet. The committee also approved a 4.5% cost-of-living increase for the contract that pays the Budget and Legislative Analyst, slightly raising that contract’s yearly cost.
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