TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary for a Consent and Assumption Agreement between the City of Long Beach (Master Lessor) and Seal Beach Yacht Club, a nonprofit corporation (Sublessee) for tenancy of City-owned property located at the Alamitos Bay Marina Center at 255 North Marina Drive. (District 3)
DISCUSSION
On February 1, 1994, the City Council authorized the City Manager to execute Master Lease No. 23509 (Master Lease) between the City of Long Beach (Master Lessor) and BANCAP Marina Center, Inc., dba Alamitos Bay Marina Center (Master Lessee), for the remodeling, renovation, and management of City-owned property at the former Marine Bazaar Complex at 241-255 N. Marina Drive. Following the completion of the renovations, the existing tenant leases were assigned to the Master Lessee, and the property was renamed the Alamitos Bay Marina Center (ABMC). The Term of the Master Lease was recently extended through June 30, 2025, via a Fifth Amendment, and there are no remaining extension options.
Concurrent with the authorization of Master Lease, the City Council authorized the execution of a sublease with Seal Beach Yacht Club (SBYC), for an approximate 5,925 square-foot facility, located at 255 N. Marina Drive (Premises) (Attachment), for an initial term of twenty-five (25) years with an option to extend the term for an additional period of ten (10) years. Immediately following its execution, the City assigned its interest in the SBYC lease (Sublease) to the Master Lessee. For the past 50 years, the SBYC has been located at the same site at the Premises serving the Long Beach boating community by offering a venue for family-based activities through hosting and sponsoring races and regattas, sailing race programs, organized cruises, and arranged a variety of water activities.
On January 24, 2019, SBYC exercised its option to extend the term of the Sublease for an additional ten (10) years, from March ...
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