SR-06-14-1976-11GTO
FROM
SUBJECT
Mayor and City Council
City Staff
Santa Monica Pier Leases
Santa Monica, California, June 14, 1976
Background
At the May 25, 1976 meeting, the Council approved the Santa Monica Pier Standard
Lease Form and authorized staff to negotiate leases with existing pier tenants.
Subsequent to that authorization, staff has-met with the tenants as a body
through their association to discuss the terms and conditions of the Standard
'Lease Form and has initiated negotiations with individual tenants. To date
negotiations have been completed with eight of the twenty -five tenants. These
eight tenants represent approximately thirty -five percent (35 %) of the projected
pier revenues. Negotiations with the remaining tenants are ongoing and are
expected to be concluded within thirty days.
Discussion
The eight leases presented for your approval have been prepared in accordance
with the previously approved Pier Lease Form. The specific terms and conditions
of these Leases are summarized below:
Name
Al's Kitchen
Oatman Rock Shop
Clara's Cafe
Cocky Moon
New Porthole Cafe
Beachcomber Gifts
Bait & Tackle Shop
S. M. Sport Fishing
Category
Class 3-Restaurant
Craft /Natural Shops
Class 4- Restaurant
Class 4- Restaurant
Class 4- Restaurant
Gift Shop
Ocean Oriented- Retail
Ocean Oriented- Sports
Term
(Years)
5
3
1 +3
5
t +4
rR
I
L
5
Annual
Minimum
$17,532
$1,104
$3,348
$12,360
$5,916
$13,008
$4,104
$11,640
Percentage
Rental
12% r"
12%
10%
10%
10%
12%
10%
7.5%
Mayor and City Council -2- . June 14, 1976
Recommendation
It is recommended that the Council approve the eight leases indicated above and
authorize the City Manager to execute.
Prepared by: John Hemer
JH:LK
Reference:
Contract No. 2253
(CCS)