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P.H. 2017-46: (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 SUBLEASE RECOGNITION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT FOR PARCEL R1 BETWEEN THE CITY OF POMPANO BEACH AND PPA-R1, LLC; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
FIRST READING: APRIL 11, 2017
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(Staff Contact: Greg Harrison/Adriane Esteban)
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Summary Explanation/Background:
In 2014, the City entered into a Development Agreement with Pompano Pier Associates, LLC to develop the 6-acre site near the Pier with 48,500 SF of beach oriented retail and restaurants. In the Development Agreement Second Amendment, the City agreed that it would provide a Recognition Agreement to the Tenant or Subtenant subject to certain requirements. PPA has requested the City execute a Sublease Recognition agreement for Parcel R1, which document is presented in this agenda item.
Origin of request for this action: Pompano Pier Associates, LLC
Fiscal impact and source of funding: N/A