To: MAYOR AND CITY COUNCIL
From: STEPHEN PROUD, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2109-082, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO NAJA'S INTERNATIONAL, INC. DBA NAJA'S PLACE
APPROVE A LEASE WITH NAJA'S INTERNATIONAL, INC. DBA NAJA'S PLACE FOR THE PREMISES AT 150 INTERNATIONAL BOARDWALK FOR A MONTHLY AMOUNT OF $6,187.50 WITH AN ANNUAL 3% BASE RENT INCREASE FOR THE TERM SEPTEMBER 7, 2021 - SEPTEMBER 6, 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 new lease with Naja's International, Inc. dba Naja's Place ("Naja's") for the space at 150 International Boardwalk, which is approximately 2,750 rentable square feet. Naja's has been on a month-to-month term since August 1, 2019.
The proposed lease is for a sixty (60) month 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 $6,187.50, or 10% of gross sales.
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.
Naja's has been a popular establishment on the International Boardwalk since 1999 and is known for its large variety of beer from around the world. The original Naja's leas...
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