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P.H. 2017-56: (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 SOVEREIGNTY SUBMERGED LANDS FEE WAIVED LEASE MODIFICATION TO EXTEND TERM BETWEEN THE BOARD OF TRUSTEES OF THE INTERNAL IMPROVEMENT TRUST FUND OF THE STATE OF FLORIDA AND THE CITY OF POMPANO BEACH; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
FIRST READING: MAY 23, 2017
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(Staff Contact: Robert McCaughan)
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Summary Explanation/Background:
The current Submerged land lease for the municipal pier was recently executed to accommodate the design of the new replacement pier and has a term that ends April 1, 2021. At the request of the City, the lease has been modified to extend the termination date until April 1, 2041. This lease term extension will provide flexibility as to financing alternatives for the pier in the future, as well as eliminate the requirement for the City to enter into a new submerged land lease every 5 years. This lease is structured with fees waived as the City earns no revenue from the pier. Should the City earn income in the future, a fee must be paid to the State of Florida in the amount of 6% of total direct income earned from pier (i.e. pier admission fees).
Origin of request for this action: Staff
Fiscal impact and source of funding: None.
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