Sausalito is about to lease with a nonprofit organization to manage an arts center in the former Bank of America building.
The city council voted unanimously Tuesday to authorize the city manager to sign the agreement for the 750 Bridgeway site. The building belongs to the city.
The city earlier this year approved a public-private partnership to lease the ground floor and mezzanine of the former bank. The plan for the Sausalito Center for the Arts calls for a rooftop bar and cafe.
According to Mike Wagner, the city’s real estate manager, the agreement includes an initial lease term of five years with an option for a five-year extension. The first 18 months will see a monthly rent of $4,029.23 and a 50/50 revenue split for events held on the premises.
After 18 months, the rent would increase to $11,095.25 and the 50-50 split would be eliminated. The council would also appoint a member to the cultural center’s board of directors.
The agreement also sets out a series of milestones for raising funds and selecting senior executives to manage the project. The arts center would be responsible for various improvements to the building.
“I have no doubts that we will be so proud of this place,” said Councilor Ian Sobieski, who was involved in the lease negotiations.
“I think it was a good deal,” said Councilor Jill Hoffman, also a negotiator. “I think these deal points are good.”
The city and Restaunomics have proposed a lease for a restaurant/bar/cafe. Restaunomics is conducting a structural and technical study for a preliminary design of the project.
The Sausalito Center for the Arts plan includes a gallery and event space. The ground floor space would be a partnership with the Sausalito Art Festival Foundation for the presentation of visual, dance, music, textile, ceramic, poetry, song and theater events. The space could also host corporate, hotel or city programs, according to a city employee report.
Bank of America closed the branch to walk-in customers in May 2019 and has been vacant since then. It was built in 1956.
The city bought the 5,875-square-foot building in 2020 for $2 million. Bank of America will pay the city a $2,000 monthly fee for five years to keep the ATMs on the side of the building. Thereafter, the fee will gradually increase every four years for 20 years.
The city spends approximately $91,000 per year in operating and debt servicing costs on the building.
