DATE: May 14, 2019
SUBJECT:
Title
RESOLUTION AUTHORIZING AMENDMENT NO. 1 TO THE AGREEMENT WITH R.I. PROPERTIES, INC., DBA RETAIL INSITE FOR COMMERCIAL REAL ESTATE BROKER SERVICES FOR SEAPORT VILLAGE, TO INCREASE THE MAXIMUM AMOUNT PAYABLE UNDER THE AGREEMENT BY $400,000 FOR A TOTAL AGGREGATE AMOUNT NOT TO EXCEED $600,000, AND WAIVING BOARD OF PORT COMMISSIONERS POLICY NO. 114 - PAYMENT OF COMMISSIONS FOR THE LEASING OF TIDELANDS. ALL FUNDS REQUIRED FOR FUTURE FISCAL YEARS WILL BE BUDGETED IN THE APPROPRIATE FISCAL YEAR, SUBJECT TO BOARD APPROVAL UPON ADOPTION OF EACH FISCAL YEAR'S BUDGET.
Body
EXECUTIVE SUMMARY:
At the July 17, 2018 Board of Port Commissioners (Board) meeting, the Board selected and authorized an agreement (Agreement)1 with R.I. Properties, Inc. dba Retail Insite (Retail Insite) to provide commercial real estate broker services for Seaport Village (Attachment A) for the period from July 18, 2018 through June 30, 2021 in an amount not to exceed $200,000.
At the February 12, 2019 Board meeting, staff presented an update to the Board on the interim management and operations of Seaport Village which included current leasing efforts with Retail Insite and proposed leasing initiatives for the Board's consideration to secure tenancies quickly to increase occupancy, attract additional foot traffic and generate higher revenue to the District. The Board provided feedback to staff to consider longer lease terms of up to five years and creative deal structures involving tenant improvement allowances to attract and secure leases with high caliber, prospective tenants with compatible uses. Staff has begun to implement these interim strategies with Retail Insite as part of leasing and marketing efforts which has generated an increased level of interest in the vacancies at Seaport Village. These strategies also support the following key principles to set the framework for long-term success with the future vision for the redevelopment of the Central Emba...
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