Long Beach, CA
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File #: 22-0544    Version: 1 Name: ED - Cont’d Lease w/Bancap for city-owned property at 241-255 Marina Dr. D3
Type: Contract Status: CCIS
File created: 4/28/2022 In control: City Council
On agenda: 5/17/2022 Final action: 5/17/2022
Title: Recommendation to authorize City Manager, or designee, to execute all documents necessary for the Sixth Amendment to Lease No. 23509 with Bancap Marina Center, Inc., a California corporation (Lessee), for a three-year extension for the continued lease of City-owned property at 241-255 Marina Drive. (District 3)
Sponsors: Economic Development
Attachments: 1. 051722-C-6sr&att.pdf
TITLE
Recommendation to authorize City Manager, or designee, to execute all documents necessary for the Sixth Amendment to Lease No. 23509 with Bancap Marina Center, Inc., a California corporation (Lessee), for a three-year extension for the continued lease of City-owned property at 241-255 Marina Drive. (District 3)

DISCUSSION
On February 1, 1994, the City Council authorized the execution of Master Lease No. 23509 (Master Lease) between the City of Long Beach (Lessor) and Bancap Marina Center, Inc. (Lessee), for the remodeling, renovation, and management of City-owned property and improvements at the Alamitos Bay Marina Center (ABMC) located at 241-255 Marina Drive (Attachment - Site Map). ABMC is currently occupied by the following subtenants: Galati Yacht Sales (boat broker), Alan Andrews Yacht Design (custom yacht design), West Marine Products (marine retail sales), Scuba Duba (boat hull cleaning and maintenance service), Schooner or Later (restaurant), and the Seal Beach Yacht Club (social club). The Master Lease expires on June 30, 2022.

City staff anticipates adjustments to the local real estate market due to current and upcoming developments within the area, including the 2nd & PCH project that consists of over 200,000 square feet of contemporary retail and dining experiences. As the subtenants have been operating successfully at ABMC under the current Lease, and a Lease extension would allow the Lessee to extend the subtenant leases, City staff propose a limited three-year Lease extension. The shorter Lease term extension will allow the City and Lessee an opportunity to reassess the impact of these developments and evaluate future development opportunities for the site.

To allow for the continued operation of ABMC and the opportunity for the City to reevaluate the lease in three years, a proposed Sixth Amendment to Master Lease No. 23509 has been negotiated containing the following major terms and provisions:

· Lessor: City of Long Beach, a muni...

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