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P.H. 2018-28: (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 SECOND AMENDMENT TO REAL ESTATE LEASE BETWEEN THE CITY OF POMPANO BEACH AND FEC ROW, LLC F/K/A FDG FLAGLER STATION II, LLC; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $13,264 Annual Rent; $2,500 Security Deposit)
FIRST READING: JANUARY 9, 2018
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(Staff Contact: Pamela Stanton/David Recor)
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Summary Explanation/Background:
An Ordinance to approve and authorize a second amendment to the real estate lease between the City and FEC. The purpose of the amendment is to include proposed improvements to N Flagler Avenue, which is within FEC Parcel F of the lease, and to adjust the rent that is associated with the improvements. Reso 2018-16 approved a Developer's Agreement for development within the FEC right-of-way for the Heritage at Pompano Station, located at 40 N Flagler Ave. As a result of the Agreement, an ordinance is needed to amend the existing real estate lease.
The second amendment to the lease agreement between FEC (the Lessor) and the City (the Lessee), is before the Commission for execution prior to execution by FEC. The City's standard procedure for the execution of agreements or similar documents mandates that the City is the final, or last, executor. However, certain agreements have been executed by the City prior to the counterpart in cases when the counterpart is a large agency without the flexibility in their protocol. FEC has asked that the City honor its internal guidelines for executing these types of agreements by City sign-off prior to FEC.
Origin of request for this action: Development Services
Fiscal impact and source of funding: $13,264 Annual Rent; $2,500 Security Deposit; Account #00130305304410
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