Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute An Amendment To The License Agreement With MVHF, LLC For Ten Years, Under The Same Terms And Conditions For The Property Identified As The Intracoastal Parcel.
Strategic Plan Focus
Economic Vitality
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
On February 11, 2011, the City entered into a 99-year Development Agreement and Ground Lease, 10-year License Agreement for the Intracoastal Parcel located at 1112 N Ocean Drive, and five-year License Agreement for the Johnson Street Parcel. The License Agreements included a clause that allowed for the transfer of the license(s) when the Ground Lease for the resort hotel transferred to a third-party successor. MVHF, LLC is the successor in interest to Margaritaville Hollywood Beach Resort, LLC.
The License Agreement for the Intracoastal Parcel provides for the use, operation and maintenance responsibilities, and obligations of the Intracoastal Parcel upon the completion of the resort hotel. The resort hotel completion date is October 1, 2015; hence the renewal date is October 1, 2025.
The Director of Communications, Marketing, and Economic Development recommends that the City Commission authorize the appropriate City Officials to execute an amendment to the License Agreement with MVHF, LLC for a period of 10 years.
Fiscal Impact:
In accordance with the original agreement, the City may receive revenue if the Participation Rent exceeds the Participation Rent Hurdle for the subleasing of the property.
Recommended for inclusion on the agenda by:
Lisa Liotta, Development Officer, Communications, Marketing and Economic Development
Joann Hussey, Director, Communications, Marketing, and Economic Development
Raelin Storey, Assistant City Manager