George, Ryan and Tommy of Mulligan's Corporate Office
Mulligan's Beach House and restaurant will now be our anchor tenant at the Lake Worth Casino. Tommy, above, is the corporate chef. He said that he lives down here and he will be cooking at the Lake Worth beach casino.
Mulligan's will be leasing 5,002 s.f. at $30 a square foot for the first year with increased amounts of 3.5% a year for the ten year term. With CAM and sales tax, Mulligan's will be paying $16,173.13 a month for the first year and will give a rolling guaranty of one year's rent throughout the term of the Lease. Hours of operation will be to 11pm on Sunday, 12am Monday through Wednesday and 1am on Thursday through Saturday at the latest.
Scott Maxwell was the only commissioner who voted against them but the rest of us are looking forward to Mulligan's at our new Casino that will be serving breakfast, lunch and dinner. Welcome to Lake Worth.
11 comments:
UNITS 1&2 MAMMA MIA 1,332
UNITS 3&4 KILWIN'S 1,200
UNITS 5&6 FOX 1,348
UNITS 7&8 MULLIGANS 5,002
I got these numbers from the Commission backup for Oct 19,2011 and Jan 31, 2012. The annual rental numbers add up to $267,000.
The building seems small than I thought.
I guess the rest of the Loan's Debt Service to cover the costs will come from the second floor.
I do believe that the only reason Commissioner Maxwell desented on the vote was because he felt that it would be better to have both floors rented fo 30.00 or more a square foot. Then to try and rent a second floor at a later date in which case the city may be at a disadvantage when working toward a date to have the Casino occupied. It was as I heard it not a vote against Mulligans.At least that is how I saw and heard it.
Pam Triolo rescinded everything that had occurred on the leases prior to that meeting and asked that anyone interested to come back in and give their final offer. Johnny Longboats did not submit a bid again. It was off the table for consideration. Therefore, what Maxwell did was like a little kid being difficult and just wanting HIS own way. Mulligans will be paying $30 a s.f. whereas Longboats originally offered $25.
Next, the City did have an offer on the 2nd floor of $15 per s.f. but because of what Triolo did, that company did not come back in and make any more offers.
SO, PERHAPS IT WAS NOT A VOTE AGAINST MULLIGAN'S BUT IN THE FINAL ANALYSIS, IT was A VOTE AGAINST MULLIGAN'S.
AEJ--YOU DIDN'T CONSIDER MULLIGANS 5,002 S.F. AT $30 AND THE BEACH PARKING FEES as well as Benny's on the Beach..
Mulligan's was listed in AEJ's comment. Shouldn't the beach parking revenue be split between the beach fund and the casino fund? Not everyone who comes to the beach will visit the casino builidng. And shouldn't the revenue from Benny's go to the beach fund and not to service debt on the new casino building? Benny's is not part of that buiding.
I beg to differ with you on Mulvehill. Here is why--
1. She has taken the Stanton approach from day one. Let's get a good business in there so we can move on. Longboats came along and we didn't have to look further.
2. She voted with Mamma Mia's because a) she was not on the 3 to 2 vote side. b) This clearly shows this was not a political vote. If it had been a correct and right vote, she should have voted with NYPD. Instead, she voted with the majority to move the project along and end the contention. Frankly, I was highly disappointed that she did not stand up to principle but went along with Staff that was kicking the long term tenants out.
Christopher McVoy was the only one who did the right thing.
Everything on the beach is supposed to support the two projects. The beach redevelopment is paid for by the County unless, of course, we get bamboozled into spending a mil or two more.
The best, or worst, political statement of the night was when Triolo said something to the effect that LY T-Shop should have come back. He would have been ousted just like Vito.
How can you make debt service on a $6,000,000 Loan, much less on the total Casino costs, if you are locked in at $267,000 for the first floor? Carr said debt service would cost about $500,000.
Is this another sham to bury in the Enterprise Funds the cost overruns or the failure of the Casino Business Plan.
There will be a riot at city hall if they try to pass a special assessment to make up the shortfall.
The BEST political statement was when the trio of Maxwell, Triolo and Amoroso fired former city manager susan stanton
You are right--that WAS a political statement. Just shows how uninformed they all are.
Thanks for all of your support Lynn! We look very forward to our Grand Opening. The wheels are very much in motion getting our build out going!
We feel strongly that our concept is the perfect fit for the residents of Lake Worth!
Ryan
Mulligans
The business plan has always included parking revenue in the debt service payment. There is one beach fund, not a Casino Fund and a Beach Fund. All revenue from the property goes to the Beach Fund and is available to make the loan payments. The payments could easily be made from parking revenue alone, I would guess, based on historical revenue data.
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