TITLE
Recommendation to authorize City Manager to execute all documents necessary for the Fifth Amendment to Lease No. 23858 between the City of Long Beach and Golden Shore Recreational Vehicle Park, Inc., a California corporation, for City-owned property at 101 Golden Shore. (District 2)
DISCUSSION
On January 24, 1995, the City Council authorized the execution of Lease No. 23858 (Lease) with Golden Shore Recreational Vehicle Park, Inc. (GSRVP), for the development, operation and maintenance of a recreational vehicle park at the southwest corner of Shoreline Drive and Golden Shore (Attachment). Amended to expand the development and clarify various financial terms, the Lease for the 5.16-acre Golden Shore RV Resort (RV Resort) provides for a unique California coastal vacation opportunity for up to 80 recreational vehicles. Located conveniently at the termination of Interstate 710 off of Shoreline Drive, the RV Resort provides guests with recreational vehicle parking pads with full hook-ups, an onsite management office, convenience store, kitchen and laundry facilities, a picnic table area, outdoor game area (horseshoes and shuffleboard) and an outdoor pool and spa. Under the terms of the Lease, the City receives the greater of an annual minimum rent, adjusted annually, or 7 percent of gross revenues. The RV Resort replaced an existing City-operated recreational vehicle park which was displaced by the development of the Long Beach Aquarium of the Pacific.
The 25-year initial term of the Lease expires on September 30, 2020. The Lease provides GSRVP with an option to further extend the term of the Lease for an additional 25-year period through September 30, 2045. GSRVP would like to exercise its option to begin planning for capital improvements to the RV Resort to further extend the useful life of facilities beyond 2020. While the principals of GSRVP have been with the RV Resort since inception and are committed to the long-term occupancy of the RV Resort ...
Click here for full text