To: MAYOR AND CITY COUNCIL
From: GREG KAPOVICH, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
TITLE
title
APPROVE THE CONSENT TO THE SIXTH AMENDMENT OF THE SUBLEASE BETWEEN RDR PROPERTIES, LLC AND JOOMI OH FOR THE PREMISES AT 100 C FISHERMAN'S WHARF
end
EXECUTIVE SUMMARY
The City has an existing lease with RDR Properties, LLC (RDR or Lessee) for the premises located at 100 (A-L) Fisherman's Wharf on the Redondo Beach Pier. Under the terms of the lease, RDR retains the rights to negotiate direct subleases to occupy the various tenant spaces and the City retains the right to consent to all subleases. RDR has requested that the City consent to an amendment to the sublease with Joomi Oh (Sublessee), dba Mermaid's Dowery, located at 100 C Fisherman's Wharf (Sublease Premises). Mermaid's Dowery has been in operation at the site since 1993 as a retail shop selling a variety of items such as beachwear, candy, toys, and beach-themed souvenirs. Approval of the consent would extend the lease term to April 30, 2030 and allow for execution of the proposed sublease amendment.
BACKGROUND
On September 15, 1987, the City of Redondo Beach entered into a master lease with RDR for the premises located at 100 (A-L) Fisherman's Wharf on the Redondo Beach Pier. On April 8, 1993, RDR and the Sublessee's predecessors, Soon Oh and Dae Bak Oh, entered into a sublease for the premises located at 100 C Fisherman's Wharf. On July 1, 2008, the City of Redondo Beach and RDR negotiated a new lease term of 55 years in exchange for a $1 million investment into the leasehold property. The lease allows for portions of the leasehold property to be subleased; however, the Lessee is required to obtain City consent for all subleases, amendments to subleases, and assignments.
On March 14, 2017, the City Council consented to a fourth amendment to the sublease with Mermaid's Dowery, which extended the lease term to April 30, 2020 and assigned all of the rights, title, and interest in the...
Click here for full text