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W A T E R I E N E R G Y R I F E RIVERSIDE PUBLIC UTILITIES 1-1i., -,Ml\ M WI& Board Memorandum PUBLIC UTILITIES BOARD OF PUBLIC UTILITIES DATE: AUGUST 14, 2017 ITEM NO: 5 SUBJECT: COVENANT AND AGREEMENT FOR ACCEPTANCE OF DRAINAGE WATERS WITH IPT WATERMAN DC LP FROM THE 25.25 ACRE VACANT PROPERTY LOCATED AT THE SOUTHWESTERLY CORNER OF WATERMAN AVENUE AND DUMAS STREET, ASSESSOR PARCEL NUMBERS 0141-431-16 AND 0141-431-17 - ADJACENT TO THE CITY -OWNED WATERMAN GOLF COURSE, CITY OF SAN BERNARDINO ISSUE: Recommend that the City Council approve the Covenant and Agreement for Acceptance of Drainage Waters with IPT Waterman DC LP from the 25.25 acre vacant property located at the southwesterly corner of Waterman Avenue and Dumas Street, Assessor Parcel Numbers 0141-431-16 and 0141-431- 17, adjacent to the City -owned Waterman Golf Course in the City of San Bernardino. RECOMMENDATIONS: That the Board of Public Utilities recommend that the City Council: Approve the Covenant and Agreement for Acceptance of Drainage Waters with IPT Waterman DC LP and GSW#4 Development, LLC from the vacant property located adjacent to the City - owned Waterman Golf Course in the City of San Bernardino; and 2. Authorize the City Manager, or his designee, to execute the Covenant and Agreement for Acceptance of Drainage Waters with IPT Waterman DC LP and GSW#4 Development, LLC, including making minor, non -substantive changes, and to sign all documents and instruments necessary to complete the transaction. BACKGROUND: IPT Waterman DC LP is the owner of the 25.25 acre vacant property located at the southwesterly corner of Waterman Avenue and Dumas Street in the City of San Bernardino. The City owns the Waterman Golf Course located at 1494 S. Waterman Avenue situated adjacent and downstream from the IPT Waterman DC LP property. On March 7, 2017, City Council approved a long-term ground lease with GSW#4 Development, LLC for the development of a logistics center at the Waterman Golf Course. As a result, the City entered into a 55 -year ground lease with GSW#4 Development, LLC commencing on March 16, 2017 and terminating on March 16, 2072. As such, the Covenant and Agreement for Acceptance of Drainage Waters shall be entered into by the City, GSW#4 Development LLC, and IPT Waterman DC LP (Attachment 1 —Tri -Party Agreement).