TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary for an Amended and Restated Lease No. 30620 with the Navy Yacht Club - Long Beach, a California nonprofit corporation, for the continued use of City-owned property at 223 Marina Drive. (District 3)
DISCUSSION
Established in 1967, the Navy Yacht Club - Long Beach (Lessee) provides and encourages sailing competition and safe boating practices in the Long Beach military community. The Lessee is affiliated with, and sponsored by, the United States Navy, and its membership includes active-duty military from all branches of the Armed Forces, retired military, veterans, and Coast Guard Auxiliary personnel. The organization actively participates in local charitable activities, including partnering with the Veterans Affairs Long Beach Healthcare System and the Long Beach Charity Regatta benefiting The Children’s Clinic, “Serving Children and Their Families,” of Long Beach.
Since 2004, the Lessee has leased an approximately 3,500-square-foot parcel of land, including a 300-square-foot building, at 223 Marina Drive (Leased Premises) (Attachment A). On November 19, 2013, the City Council authorized the execution of the Fourth Amendment to Lease No. 30620 (Lease), allowing the Lessee to occupy the Leased Premises through November 30, 2018. In anticipation of the expiration of the Lease term, the Lessee requested an Amended and Restated Lease, and has continued to occupy the Leased Premises on holdover status.
An independent appraisal was conducted and determined the fair market rental value of the Leased Premises to be $900 per month. In lieu of annual Consumer Price Index adjustments, Lessee will make capital improvements totaling $30,000 to the Leased Premises during the initial term of five years of the Amended and Restated Lease. Upon exercising and memorializing the First Option to Renew, the Lessee will make an additional $15,000 in capital improvements, for a total inve...
Click here for full text