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A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA), APPROVING AND AUTHORIZING THE PROPER OFFICIALS TO EXECUTE A SUBLEASE AGREEMENT BETWEEN THE CRA AND GREATER POMPANO BEACH CHAMBER OF COMMERCE, INC., RELATING TO PROPERTY LOCATED AT 100 NW 8TH STREET, SUITE 102, POMPANO BEACH, FLORIDA, AFTER NOTICE PURSUANT TO SECTION 163.380(3)(a) FLORIDA STATUTES; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: Annual Sublease Revenue of $46,620)
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(Staff Contact: Nguyen Tran)
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Summary Explanation/Background:
The Pompano Beach Community Redevelopment Agency (“CRA”) entered into a lease with Sonata Apartments Ltd. effective July 20, 2023 (Resolution 2023-39) for 3,108 square feet of commercial space with the intent to sublease the premises. Previously, the CRA Board approved a sublease with Crockett Foundation, Inc. on September 19, 2023 to sublease this space for office use. Due to the timeframe that the Developer took for interior buildout of the office space, the CRA received a request from the Crocket Foundation, Inc. to terminate the sublease based upon the terms of their Grant funding. The interior buildout of this space has recently been completed and is ready for occupancy. The CRA has negotiated a sublease with the Greater Pompano Beach Chamber of Commerce, Inc. for use as a temporary office location until the new City Hall is constructed and completed in the Downtown.
The Initial Term of the sublease will be four (4) years, with two (2) one-year renewal options. The Sublease Commencement Date will be January 1, 2026. CRA will allow a three (3) month “Improvements Period” for Sublessee to make Improvements required for Sublessee’s use of the Premises and no rent will be due during the Improvements Period. The Sublease annual rent is $46,620 payable in monthly installments of $3,885, plus prevailing sales tax, currently at 6.5% for a total monthly rent due of $4,137.53. The rent will increase annually by 3% beginning with the second year of the sublease.
Origin of request for this action: Staff
Fiscal impact and source of funding: Annual Sublease Revenue of $46,620
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