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P.H. 2019-01: (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 THE LEASE AGREEMENT BETWEEN THE CITY OF POMPANO BEACH AND HILLSBORO INLET FISHING CENTER, INC.; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: $182,136 in annual revenue)
FIRST READING: OCTOBER 9, 2018
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(Staff Contact: Robert McCaughan)
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Summary Explanation/Background:
A summary of changes between the existing and proposed agreement is attached. The most significant change is an increase in the lease term from five (5) to ten (10) years and subject to City’s approval two additional five-year terms. The proposed lease also requires the Hillsboro Inlet Fishing Center to invest $20,000 in the procurement and installation of capital improvements to the Marina within 4 years after execution of lease. There is an annual increase in revenue of $3,936 with this proposed lease. COMMENT ADDED AFTER FIRST READING: Since first reading, paragraph 7 of the amendment has been revised and highlighted in the attachment. The initial lease agreement has been added to the backup documentation. Additionally, the Submerged Land Lease which is incorporated by reference in the lease agreement has been added to the backup documentation.
Origin of request for this action: Hillsboro Inlet Fishing Center
Fiscal impact and source of funding: $182,136 in annual revenue
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HILLSBORO INLET FISHING CENTER, INC. - 2ND AMENDMENT TO LEASE