DATE: July 17, 2018
SUBJECT:
Title
RESOLUTION CONSENTING TO AMENDMENT NO. 3 TO SUBLEASE BETWEEN PORT CORONADO ASSOCIATES, LLC DBA CORONADO FERRY LANDING MARKETPLACE AND CHEESE WINE DESSERTS, LLC DBA CANDELAS ON THE BAY LOCATED AT 1201 FIRST STREET, IN THE CITY OF CORONADO (RESTAURANT) FOR A ONE-YEAR MANAGEMENT AGREEMENT WITH BLUE BRIDGE HOSPITALITY MANAGEMENT, LLC TO OPERATE THE RESTAURANT WITH AN OPTION TO PURCHASE THE REMAINING TERM OF THE SUBLEASE
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EXECUTIVE SUMMARY:
The District entered into a forty (40)-year lease1 (Lease) with Port Coronado Associates, LLC dba Coronado Ferry Landing Marketplace (Ferry Landing) on July 1, 1986 to develop and operate restaurants, cocktail lounges, shopping facilities, offices for marine-related purposes, and marina slips for pleasure boat berthing; located at 1201 First Street, in the City of Coronado. Ferry Landing received District approval to enter into a 15-year Sublease (Sublease) with Cheese Wine Desserts, LLC dba Candelas on the Bay (Candelas) to operate a restaurant (Restaurant) in Ferry Landing on January 9, 2007. Ferry Landing is requesting Board consent for Amendment No. 3 (Amendment) to the Sublease with Candelas. The Amendment acknowledges that Candelas entered into a one-year management agreement with Blue Bridge Hospitality Management, LLC (BBH). The Amendment also includes a purchase option (Purchase Option) that permits BBH, or an entity formed by BBH, to purchase Candela's business, which may be exercised at the end of the management agreement. The Amendment is consistent with the terms of the Lease and Board of Port Commissioners Policy No. 355 (BPC 355).
RECOMMENDATION:
Recommendation
Adopt a Resolution consenting to Amendment No. 3 to Sublease between Port Coronado Associates, LLC dba Coronado Ferry Landing Marketplace and Cheese Wine Desserts, LLC dba Candelas on the Bay located at 1201 First Street, in the City Of Coronado (Restaurant) for a one-year Management Agreement with Blue B...
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