Benny's on the Beach on Agenda tonight

Benny's on the Beach on City Commission Agenda tonight--6pm under New Business

Third Amendment to Retail Lease with RTT - Benny's on the Beach, Inc., the current tenant/assignee

SUMMARY: This amendment authorizes RTT - Benny's on the Beach, Inc., to extend its lease located at the Lake Worth Municipal Ocean Pier.

BACKGROUND AND JUSTIFICATION:
On February 11, 2013, the City entered into a Lease agreement with RTT - Benny's on the Beach, Inc., for the lease of certain space located at the Lake Worth Municipal Ocean Pier for use as a restaurant and a bait shop. The lease allowed for ten (10) years with the option of renewing initially for an additional eight years. After the initial renewal the lease allows for one additional renewal for twenty-three (23) months.

On August 5, 2015, the City and Tenant entered into the First Amendment of the Lease to address the use of additional outdoor patio area.

On May 19, 2020, the City and Tenant entered into the Second Amendment to the Lease to revise certain terms and conditions as a result of the COVID-19 pandemic.

The Third Amendment will extend RTT - Benny's on the Beach, Inc., lease at the Lake Worth Municipal Pier for an additional nine (9) years and eleven (11) months, that includes the last option to renew the lease for twenty-three months preceding the initial eight (8) years. The amendment includes a 2% percent annual escalator to the rent owed to the City.

MOTION:
Move to approve/disapprove the Third Amendment to the lease with RTT - Benny's on the Beach, Inc.
Rental increases: