THE PUBLIC WORKS DEPARTMENT/FACILITIES MANAGEMENT DIVISION/REAL PROPERTY SECTION RECOMMENDS APPROVAL OF THE ABOVE MOTION.
In 1992, the County and Riverview of Fort Lauderdale, Ltd., entered into a 99-year ground lease to permit the phased development of a parcel of property along the New River adjacent to the Broward County Courthouse. The ground lease has been amended or assigned (in whole or in part) numerous times. ML New River Village III, LLC, a Delaware limited liability company, is the lessee of the portion of the property covered by the ground lease commonly referred to as Phase III. The ground lease provides that no assignment of any interest thereunder shall occur without the prior written consent of the County which consent will not be unreasonably or arbitrarily withheld or delayed.
While ML New River Village III, LLC, will continue to be a lessee under the ground lease, the sole member of the ML New River Village III, LLC, will be transferring its interest to another entity, MMP New River REIT, LLC which requires the County's consent.
All documents have been reviewed and approved as to form by the Office of the County Attorney.
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