To: MAYOR AND CITY COUNCIL
From: STEPHEN PROUD, WATERFRONT & ECONOMIC DEVELOPMENT DIRECTOR
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ADOPT BY TITLE ONLY RESOLUTION NO. CC-2109-091, A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH, CALIFORNIA, LEASING CERTAIN PROPERTY TO BARLEY VIBES, LLC
APPROVE A LEASE WITH BARLEY VIBES, LLC DBA PROJECT BARLEY BREWING OTW FOR THE PREMISES AT 136 INTERNATIONAL BOARDWALK FOR A MONTHLY AMOUNT OF $2,250.00 WITH AN ANNUAL 3% BASE RENT INCREASE FOR THE TERM OF SEPTEMBER 21, 2021 - NOVEMBER 20, 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. The 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 Barley Vibes, LLC dba Project Barley Brewing OTW ("Barley Vibes") for the space at 136 International Boardwalk, which is approximately 1,000 rentable square feet.
The proposed lease is for a sixty-two (62) 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 $2,250.00, 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.
The space at 136 International Boardwalk is currently leased to the owners of the former Basq Kitchen restaurant, which had a lease from May 2015 through May 2020. At the expiration of the lease, the space reverted to a month-to-month lea...
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