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P.H. 2018-62: (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 A THIRD 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; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: ($1,500/month in lease revenues)
FIRST READING: APRIL 10, 2018
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(Staff Contact: Adriane Esteban)
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Summary Explanation/Background:
In March 2015, the Parcel Ground Lease for Parcel E (the Existing Pier Concession Building) was executed with PPA-E, LLC. Amendments to the Parcel Ground Lease for Parcel E (Parcel E Ground Lease) were subsequently approved by the City Commission in April 2016 and October 2017, the last of which included rent abatement for a period of time due to the new pier structure construction. The developer’s tenant that operates the Pier Concession Building has found that sales continue to be negatively affected by the construction of the new pier structure. Although the developer is supportive of the City’s new pier structure project, they recognize the adverse effects it has had on concession operations and request extension of the rent abatement. Staff is supportive of this request and the Third Amendment to the Parcel E Ground Lease is presented to address the extension of rent abatement.
Origin of request for this action: PPA-E, LLC (Developer)
Fiscal impact and source of funding: $1,500/month in lease revenues
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