To: MAYOR AND CITY COUNCIL
From: STEPHEN PROUD, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2104-028, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO MJD LANDING LLC, DBA REDONDO BEACH SPORTFISHING & WHALE WATCH, A LIMITED LIABILITY COMPANY
APPROVE A LEASE WITH MJD LANDING LLC, DBA REDONDO BEACH SPORTFISHING & WHALE WATCH FOR THE PREMISES AT 140 INTERNATIONAL BOARDWALK FOR A MONTHLY AMOUNT OF $787.50 FOR THE TERM APRIL 6, 2021 - APRIL 5, 2026
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EXECUTIVE SUMMARY
In July 2012, the City purchased the International Boardwalk leasehold and began the process of direct leasing to various tenants. This International Boardwalk is comprised of a narrow linear development of approximately 17,200 square feet that is fronted by a public walkway. The City has negotiated a lease with MJD Landing LLC, dba Redondo Beach Sportfishing & Whale Watch for the space at 140 International Boardwalk, which is approximately 350 rentable square feet.
The proposed lease is for a five-year term with the City retaining the option to terminate the lease with a twelve (12) month prior written notice. Rental to the City's Harbor Uplands Fund is the greater of the minimum monthly rent of $787.50 or 10% of gross sales. Minimum annual rent is $9,450.00.
BACKGROUND
In July 2012, the City purchased the International Boardwalk leasehold and began the process of entering into direct leases with various tenants. The International Boardwalk is comprised of a very narrow and linear development along the east side of the Redondo Beach Marina - also referred to as Basin III. The approximately 17,200 square feet of space is almost entirely prepared for retail and food and beverage uses.
MJD Landing LLC is acquiring Redondo Beach Sportfishing from the current operator, Larry Derr, and 140 International Boardwalk will serve as the ticket office for the sportfishing and whale watchin...
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