TITLE
Recommendation to authorize City Manager to execute a second amendment to Lease No. 26023 between the City of Long Beach and Long Beach Anglers, Inc., to include the sale and brokering of marine vessels as an authorized use of the leased premises. (District 2)
DISCUSSION
On June 30, 1998, the City Council authorized Lease No. 26023 (Lease) with Long Beach Anglers, Inc. (LB Anglers), for the operation and maintenance of a sport fishing facility at Pierpoint Landing, which also includes a bait and tackle shop, daily sport fishing trips, charter boat rentals, and dive boat charters, for a term ending June 30, 2028.
At this time, LB Anglers is requesting authorization to include the sale and brokering of marine vessels as an authorized use of the leased premises. This additional service will promote local recreational boating and marine trade, providing positive economic impact for the City of Long Beach.
The following are major provisions of the proposed second amendment:
. Amended Use: The leased premises shall be used as a terminus for vessels employed in sport fishing, diving, and whale watching, as well as for the sale and brokering of marine vessels.
. Sale/Brokeraqe Fee: LB Anglers shall pay five percent of any commissions for brokerage sales made at or from the premises, plus five percent of net profit on new boat sales generated from business done on or from the premises.
All other provisions of the Lease will remain the same.
This matter was reviewed by Deputy City Attorney Gary J. Anderson on June 9, 2008, and Budget Management Officer Victoria Bell on June 11, 2008.
TIMING CONSIDERATIONS
City Council action is requested on July 1, 2008, to enable the execution of the second amendment to Lease No. 26023.
FISCAL IMPACT
$60,000 will accrue to the Tidelands Fund (TF) in the Department of Parks, Recreation and Marine (PR), annually, per the terms of Lease No. 26023, plus five percent of any commissions for brokerage sales made at or fr...
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