title
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 FINLEY’S RESTAURANT AND GIFT SHOP, LLC RELATING TO PROPERTY LOCATED AT 731 DR. MARTIN LUTHER KING JR BOULEVARD, UNIT 103C, POMPANO BEACH, FLORIDA; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES.
(Fiscal Impact: $9,689.00 Revenue)
staffcontact
(Staff Contact: Vincent Wooten)
summary
Summary Explanation/Background:
The Pompano Beach Community Redevelopment Agency (CRA) leases the commercial property located at 731 Dr. Martin Luther King Jr. Boulevard, Pompano Beach, Florida, pursuant to a Lease Agreement with the City of Pompano Beach (“City”) dated March 16, 2012 and approved by Resolution No. 2012-32.
Finley’s Restaurant, located in Suite 103C, has been a tenant at the property since November 22, 2016. The current sublease term is scheduled to expire on November 21, 2026.
As required pursuant to Section 163.380, Florida Statutes, the CRA advertised a legal notice in the Sun Sentinel of its intent to enter into a new sublease agreement for the property. No other interested parties responded within the required 30-day notice period.
Accordingly, the CRA and Finley’s Restaurant desire to enter into a new Sublease Agreement (“Sublease”) for the approximately 538.3-square-foot commercial space. The Sublease provides for an initial term of one (1) year, with four (4) additional one-year automatic renewal terms.
The annual rental rate is $9,689.00, payable in monthly installments of $807.40, plus any applicable sales tax, which is currently 0.0%. The rental rate equates to approximately $18.00 per square foot and is consistent with the sublease rates charged to the remaining five tenants within the building.
Staff recommends approval of the Sublease Agreement with Finley’s Restaurant for Suite 103C located at 731 Dr. Martin Luther King Jr. Boulevard.
Origin of request for this acti...
Click here for full text