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P.H. 2018-01: (PUBLIC HEARING 2ND READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE: (i) A THIRD AMENDMENT TO AMENDED AND RESTATED DEVELOPMENT AGREEMENT RELATING TO CITY PROPERTY LYING BETWEEN NORTH OCEAN BOULEVARD (A1A) AND THE ATLANTIC OCEAN AND BETWEEN ATLANTIC BOULEVARD (S.R. 814) AND NE 5TH STREET, BETWEEN THE CITY OF POMPANO BEACH AND POMPANO PIER ASSOCIATES, LLC; (ii) A SECOND AMENDMENT TO PARCEL E GROUND LEASE RELATING TO CITY PROPERTY LYING BETWEEN NORTH OCEAN BOULEVARD (A1A) AND THE ATLANTIC OCEAN AND BETWEEN ATLANTIC BOULEVARD (S.R. 814) AND NE 5TH STREET, BETWEEN THE CITY OF POMPANO BEACH AND PPA-E, LLC; (iii) A FIRST AMENDMENT TO PHASE R4 SPACE LEASE RELATING TO CITY PROPERTY LYING BETWEEN NORTH OCEAN BOULEVARD (A1A) AND THE ATLANTIC OCEAN AND BETWEEN ATLANTIC BOULEVARD (S.R. 814) AND NE 5TH STREET, BETWEEN THE CITY OF POMPANO BEACH AND PPA-R4, LLC; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
FIRST READING: OCTOBER 10, 2017
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(Staff Contact: Greg Harrison/Adriane Esteban)
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Summary Explanation/Background:
In July 2014, the Amended and Restated Development Agreement with Pompano Pier Associates, LLC relating to city property known as the Pier Development Site was approved by the City Commission to provide a mixed-use development consisting of restaurants and beach-oriented retail. Since that time, the Pier Parking Garage was constructed on the site and the developer has attained many credit tenants as well as started construction on the first new restaurant. Now that the new Pier Structure is also under construction and the developer has a better idea about timing for various aspects of the development, a Third Amendment is being presented. This Third Amendment addresses extension of development timeline dates for Parcel E and Phase R4, as well as provides clarifications for Parcel E, R5, the Pier Structure, the Pier Garage, Valet, Authorized Uses and City Approval sections. Additionally, the amendments to the Parcel E and Phase R4 Leases address the extension of development timeline dates along with rent abatement for Parcel E for period of time. The approval of these amendments help the new development, known as the Pompano Beach Fishing Village, to continue progress and become a world class destination.
Origin of request for this action: Staff
Fiscal impact and source of funding: N/A
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