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File #: 20-00211    Version: 1 Name:
Type: Legislative Action Item Status: Withdrawn
File created: 4/20/2020 In control: City Council
On agenda: 5/28/2020 Final action:
Enactment date: Enactment #:
Title: PORT - STREAMLINE BOATS OF NW FLORIDA LLC LEASE AGREEMENT
Sponsors: Grover C. Robinson, IV
Attachments: 1. Streamline Lease Deal Points Overview, 2. Streamline Lease 3.30.20 Final, 3. Revised Language Section 4.01 - Streamline Boats, 4. Emailing Requested Info, 5. Emailing Additional Requested Info, 6. Emailing Additional Requested Info 3, 7. Emailing Additional Requested Info 4, 8. Emailing Additional Requested Info 5

LEGISLATIVE ACTION ITEM

 

SPONSOR:                         Grover C. Robinson, IV, Mayor

 

SUBJECT:

 

title

PORT - STREAMLINE BOATS OF NW FLORIDA LLC LEASE AGREEMENT                     

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RECOMMENDATION:

 

recommendation

That City Council authorize the Mayor to execute the Lease Agreement with Streamline Boats of NW Florida LLC for a marine manufacturing facility at the Port of Pensacola. Further, that City Council authorize the Mayor to take all actions necessary to execute and administer the Lease Agreement.

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body                

 

HEARING REQUIRED:  No Hearing Required

 

SUMMARY:

                                          

In 2019 Streamline Boats of NW Florida LLC contacted the Port of Pensacola seeking a long-term lease for existing port warehouses #9 and #10, totaling approximately 92,500 square feet, in order to develop a marine-related light manufacturing facility for the manufacture of recreational watercraft and/or amphibious aircraft and related uses (i.e., research, development, design, fabrication, etc.). Streamline Boats currently manufactures custom-made, high-performance center console boats from its original facility in South Florida.

 

The Streamline Lease Agreement is for an initial term of ten (10) years with up to six (6) additional renewals of five (5) years each for a total potential lease duration of 40 years.

 

All provisions of the City Council Policy on Port Leases have been fulfilled, and all required notifications have been made.

 

 

PRIOR ACTION:                     

 

None                     

 

FUNDING:                     

 

N/A

 

FINANCIAL IMPACT:

                     

The Lease Agreement will generate an average of approximately $200,000 in annual revenue to the Port from base rent payments during the 10-year primary lease term. The rental amount was determined via a previously performed market rent analysis and taking into consideration that the warehouses will need considerable tenant funded improvements to suit their manufacturing operations.

 

CITY ATTORNEY REVIEW:    Yes

 4/30/2020

   

STAFF CONTACT:

 

Keith Wilkins, City Administrator

Richard Barker, Jr., Deputy City Administrator - Administration & Enterprises

Amy Miller, Port Director

 

ATTACHMENTS:

 

1)                     Streamline Lease Deal Points Overview

2)                     Streamline Lease 3.30.20 Final 

 

PRESENTATION:     No   end