Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing The Appropriate City Officials To Renew The Attached Real Estate Lease Between FDG Flagler Station II, LLC And The City Of Hollywood For Parking, Beautification, And Signage For A 12 Month Renewal Term.
Body
Staff Recommends: Approval of the Attached Resolution
Explanation:
The current Real Estate Lease between the Florida East Coast Railway, LLC (FECR) and the City of Hollywood is set to expire on March 18, 2015. The Lease provides for a 12 month Renewal Term, provided that the City is not in default under the lease.
The leased property is used to provide public parking along the east side of the railroad tracks from north of Taft Street to Plunkett Street, beautification along 21st Avenue and Dixie Highway, and entryway signs at the intersections of Dixie Highway and Sheridan Street and North 21st Avenue and Pembroke Road.
Rent for the renewal term shall be $12,806.00 (a five percent increase (5%) over the preceding term) and shall continue to be paid to FDG Flagler Station II, LLC. as FDG acquired all the rights to receive rents, taxes, late charges and interest payable under the Lease from FECR as of December 20, 2007.
Section 38.48(C)(1) of the Code of Ordinances, when a contract is entered into by the City pursuant to City Commission approval provides one or more renewals by affirmative action of the City, only the City Commission is authorized to approve such renewals.
The Acting Director of the Office of Parking and Intergovernmental Affairs recommends that the City Commission authorize the renewal of the Real Estate Lease.
Recommended for inclusion on the agenda by:
Dr. Wazir Ishmael, City Manager
Lorie Mertens-Black, Interim Assistant City Manager
Tamikia Bacon, Acting Director, Parking & Intergovernmental Affairs