Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Execute A Third Amendment To Renew The License Agreement With MVHF, LLC And The Hollywood Community Redevelopment Agency For Five Years, With An Option To Renew, Under The Same Terms And Conditions, For The Property Identified As The Johnson Street Parcel.
Strategic Plan Focus
Infrastructure & Facilities
Body
Staff Recommends: Approval of the Attached Resolution.
Explanation:
The City, the Margaritaville Hollywood Beach Resort, LLC (the "Original Developer"), and the Community Redevelopment Agency (the "CRA") entered into a License Agreement dated the 9th day of February 2011. MVHF, LLC, a Delaware limited liability company ("Developer") is the successor in interest to Original Developer with respect to the License Agreement.
The Johnson Street Parcel consists of a public-right-of way, a bandshell, public restrooms, and Great Lawn area. This agreement does not pertain to the operation or management of the parking garage or resort hotel. During the term of the License Agreement, the Developer will maintain and operate the Johnson Street Parcel, including the bandshell and technical equipment, in a manner consistent with the condition in which the Johnson Street Parcel was received by the Original Developer on the date of the Agreement.
The term of this Agreement commenced on the date on which the resort hotel first opened for business to the general public (October 1, 2015) and continued for a period of five years thereafter. On October 21, 2020, the City Commission passed Resolution R-2020-269, which authorized a Renewal and Second Amendment to the License Agreement for a one-year term. The parties wish to renew the License Agreement for an additional five years.
Fiscal Impact:
The renewal of the License Agreement among the City of Hollywood, the Margaritaville Beach Resort, LLC and the CRA will be at no cost to the City. In...
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