This item supports the Commission's Value: Ensuring economic opportunities for all people and businesses in Broward and Goals to 1) Attract and retain all types of business, including small businesses and not-for-profits, through provision of effective incentives, technical assistance, and support, and 2) Increase the economic strength and impact of revenue-generating County enterprises balancing economic, environmental, and community needs.
At its June 14, 2016 Regular Meeting (Item No. 67), the Board of County Commissioners approved a Term Sheet delineating the substantive terms and conditions for the County's acquisition of the Leasehold Interest and all associated rights thereunder for the Portside Property Leasehold, authorized the Mayor to sign the term sheet, and authorized staff to continue negotiations of a final purchase agreement for review and approval by the Board of County Commissioners.
At its August 16, 2016 Regular Meeting (Item No. 98), the Board of County Commissioners approved a Final Purchase Agreement delineating the terms and conditions for the County's acquisition of the Leasehold Interest and all associated rights thereunder for the Portside Property Leasehold, approved an Amended Lease with Portside Yachting Center 2 LLC (Exhibit 1), and authorized the Mayor to sign the agreement and lease. The acquisition of the Leasehold Interest and all associated rights thereunder provided the County with a critical piece of property and the development entitlements associated with it that were necessary for the successful implementation of the Convention Center Expansion and Headquarters Hotel projects.
The Amended and Restated Lease Agreement approved at the August 16, 2016 meeting granted to Portside Yachting Center 2 LLC an additional 14 months to facilitate the relocation of its building subtenants to other premises, with an end date of January 22, 2018. Most subtenants have already moved out of the building, with the remaining subtenants either looking for alternative premises or waiting for those premises to become available. In one case for example, the subtenant has secured alternative premises in a new building that is nearing construction completion but they are unable to move into the new space at this time.
The Amendment to the Amended and Restated Lease Agreement approved at the December 12, 2017 meeting provided an additional nine weeks to Portside Yachting Center 2 LLC to relocate the remaining subtenants, to end no later than March 31, 2018.
The proposed second amendment (Exhibit 3) provides additional time to Portside Yachting Center 2 LLC to relocate one remaining subtenant. The amendment provides for a month to month extension of the lease with a $3,000/month rent, which can be terminated by operation of law by either party with 15 days prior written notice. The County is not yet in need of the building, so this extension will not have a negative effect on the progress of the Convention Center Expansion and Headquarters Hotel Project. Portside Yachting Center 2 LLC has provided the County with all the requisite information and assurances as required under the lease.
Signature pages will be forthcoming, and will be noted in the Monday Night Memo. |