This resolution approves a lease agreement for a restaurant space at 1300 Battery Street, allowing the tenant to occupy approximately 4,635 square feet indoors and 2,992 square feet outdoors for a monthly rent starting at $5,000, with scheduled increases and additional percentage rent based on sales. It also authorizes the Port's Acting Executive Director to make minor modifications to the lease as needed.
Resolution approving Port Commission Lease No. L-17390 with JPPF 1300 Battery, L.P., a limited partnership, for approximately 4,635 square feet of a single-story restaurant space and 2,992 square feet of outdoor dining area located at 1300 Battery Street for a term effective upon approval of this Resolution and expiring on May 5, 2046, for a monthly base rent of $5,000 with a 15% base rent increase every five years, for a total base rent of $1,498,012.50; Percentage Rent of 1% of gross sales, and rent credit of up to $1,568.26 a month for 120 months of actual documented cost of landlord work and tenant improvements; and authorizing the Acting Executive Director of the Port to enter into any additions, amendments or other modifications to the Lease that do not materially increase the obligations or liabilities of the City or the Port and are necessary or advisable to complete the transactions which this Resolution contemplates and effectuate the purpose and intent of this Resolution.
How it got here
The legislation originated from the need to replace an outdated lease for a restaurant space at 1300 Battery Street after the previous tenant, Fog City Diner, closed due to declining sales.
Fog City Diner ceased operations, prompting the need for a new tenant and lease structure.
JPPF negotiated a new lease (L-17390) with the Port Commission to replace the existing lease, which was deemed too old to amend.
The Port Commission authorized the Acting Executive Director to enter into the new lease with JPPF, which included reduced base and percentage rent.
The Port Commission formally approved the new lease terms during their meeting.
The resolution to approve the new lease was received and assigned to the Budget and Finance Committee.
The Budget and Finance Committee reviewed the resolution for the new lease during their meeting.
Reconstructed from attached documents & the official record
