TITLE
Recommendation to authorize City Manager to execute any and all documents necessary for the Lease with The Abbey Company for the installation of a retail development monument sign on a street easement adjacent to a public parking lot at the northeast corner of Atlantic Avenue and 52nd Street, for a 20-year term, at the monthly rental rate of $100. (District 8)
DISCUSSION
The Abbey Company owns the Atlantic Plaza retail center located at 5166-5190 Atlantic Avenue (Exhibit A). A street easement functions as a public parking lot at Atlantic Avenue and 52nd Street, and buffers the retail center from Atlantic Avenue. The lack of Atlantic Avenue frontage hinders the awareness and visibility of the retail center. In light of the above situation, The Abbey Company has requested to lease a small section of land (approximately 100 square feet) located at the northeast corner of Atlantic Avenue and 52nd Street, between the sidewalk and the public parking lot to construct a monument sign. The signage will be used for placement of Atlantic Plaza lessees' operating names only. It is expected that increased visibility will assist The Abbey Company in filling retail vacancies at Atlantic Plaza and improving patronage of the retail shops. This goal is consistent with the City's long-term economic strategy for the area.
Customers of the Atlantic Plaza retail center and patrons of an adjacent religious facility are the primary users of the public lot. The proposed Lease shall not affect the existing use of the public lot in any way. The sign will be subject to all City and/or Redevelopment Agency sign guidelines and all requisite permits.
Under an informal agreement, The Abbey Company currently maintains the landscaping for the parking lot, including the area proposed for the Lease. The Abbey Company shall continue to maintain the parking lot, landscaping and the monument sign in a first-class manner for the term of the Lease.
The proposed Lease contains the followin...
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