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A RESOLUTION OF THE POMPANO BEACH COMMUNITY REDEVELOPMENT AGENCY (CRA) APPROVING AND AUTHORIZING THE PROPER OFFICIALS TO EXECUTE A FOURTH LEASE AMENDMENT AND EXTENSION AGREEMENT BETWEEN THE CRA AND RUTHMAN PUMPS & ENGINEERING, INC., D/B/A FPI PUMPS FOR PROPERTY LOCATED ON 814 DR. MARTIN LUTHER KING JR. BOULEVARD (814 HAMMONDVILLE ROAD); PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: Revenue of $57,288.60)
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(Staff Contact: Kimberly Vazquez)
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Summary Explanation/Background:
Ruthman Pumps & Engineering, Inc. d/b/a FPI Pumps, is the tenant who occupies the CRA-owned building on Dr. Martin Luther King Boulevard (identified as 814 Hammondville Road in the Lease). A Fourth Lease Amendment is presented to extend the term of their agreement for one additional year through September 30, 2019 with a provision for a 3% increase in rent. The current rent is $4,903.83 per month, which includes tax, and the tenant is in good standing. The CRA has no immediate plans to demolish the building and Ruthman Pumps & Engineering’s continued occupancy for one additional year creates no hardship for the CRA with respect to existing or pending development opportunities.
Origin of request for this action: Staff
Fiscal impact and source of funding: $57,288.60 anticipated rent revenue for FY 2018/2019
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