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P.H. 2019-03: (PUBLIC HEARING 1ST READING)
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A FOURTH AMENDMENT TO AMENDED AND RESTATED DEVELOPMENT AGREEMENT BETWEEN THE CITY OF POMPANO BEACH AND POMPANO PIER ASSOCIATES, LLC, RELATING TO CITY PROPERTY LYING BETWEEN NORTH OCEAN BOULEVARD (A1A) AND THE ATLANTIC OCEAN AND BETWEEN ATLANTIC BOULEVARD (S.R. 814) AND NE 5TH STREET; PROVIDING FOR SEVERABILITY; PROVIDING AN EFFECTIVE DATE
(Fiscal Impact: Additional base rent revenue of $19,800 plus $2.46/SF)
TABLED FROM OCTOBER 9, 2018
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(Staff Contact: Adriane Esteban)
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Summary Explanation/Background:
In July 2014, the Amended and Restated Development Agreement between the City of Pompano Beach and Pompano Pier Associates, LLC, relating to city property known as the Pier Development Site was approved by the City Commission to provide a mixed-use development consisting of restaurants and beach-oriented retail. Now that the first restaurant has been constructed and opened, the new Pier Structure and a second restaurant are under construction, many of the other parcels are in the permitting review process, and subtenants have been identified, the developer has a clearer understanding of the timing for various aspects of the development, and a Fourth Amendment is being presented to address items that have come up as the development has progressed. This Fourth Amendment addresses the extension of the development timeline dates for the parcels, proposes increased square footages and base rents for Parcels C2 and R3, provides a process for if the developer initiates infrastructure improvements, and clarifies rent commencement based on CO or TCO. The approval of these amendments help the new development, known as the Pompano Beach Fishing Village, to continue progress and become a world class destination.
Origin of request for this action: Pompano Pier Associ...
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