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Resolution 19-002 Lease Assignment from Lee & Kim LLC to Y&C LLC
Summary
A Resolution of the City Council of Homer, Alaska, Approving a Lease Assignment from Lee and Kim LLC to Y&C LLC and Authorizing the City Manager to Execute the Appropriate Documents for a new Twenty Year Lease with Options for Two Consecutive Five Year Renewals for Lot 32, of the Amended Plat of the Homer Spit, According to Plat No. 89-34, at and Initial Annual Rate of $19,888.68. City Manager.
Ordinance/Resolution ID:
19-002
Ordinance/Resolution Status:
Adopted
Introduction Date:
01/14/2019
Effective Date:
01/14/2019
File Attachments:
Related Meetings
Related Memorandums
Details
CITY OF HOMER
HOMER, ALASKA
City Manager
RESOLUTION 19-002
A RESOLUTION OF THE HOMER CITY COUNCIL APPROVING A LEASE ASSIGNMENT FROM LEE AND KIM LLC TO Y & C LLC AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE APPROPRIATE DOCUMENTS FOR A NEW TWENTY YEAR LEASE WITH OPTIONS FOR TWO CONSECUTIVE FIVE YEAR RENEWALS FOR LOT 32, OF THE AMENDED PLAT OF THE HOMER SPIT, ACCORDING TO PLAT NO. 89-34, AT AN INITIAL ANNUAL RATE OF $19,888.68.
WHEREAS, Lee and Kim LLC dba “Happy Face Restaurant” applied to transfer their 2014 City lease to Y and C LLC dba “Shogun Seafood & Steak BBQ Restaurant” as part of Y and C LLC’s purchase of Happy Face ; and
WHEREAS, Y and C LLC submitted a complete application pursuit Homer City Code (HCC) 18; and
WHEREAS, Y and C LLC has indicated in their lease application their intention of continuing the business previously listed in the lease between the City and Lee and Kim LLC without changes; and
WHEREAS the City approved in Lee and Kim LLC’s 2014 lease with the proposed use of the property being a restaurant, gift shop, general store, with future allowable uses including a laundry/shower facility, and rental units; and
WHEREAS, Per HCC 18.08.110 the lease is in compliance and the past lease history has shown contractual obligations are satisfactorily met; and
WHEREAS, The lease assignment will be based on the City’s updated lease template which reflects the new and current code requirements; and
WHEREAS, Y and C LLC are aware that the initial annual rental rate of $19,888.68 will change as a result of City Lot 32’s reappraisal in 2019 per HCC 18.08.100 ; and
WHEREAS, The City Administration and the Port and Harbor Advisory Commission on January 3rd, 2019 reviewed the application pursuant HCC 18.08.060 and recommend a new twenty year lease with options for two consecutive five-year renewals for Lot 32, of the amended plat of the Homer Spit, according to Plat No. 89-34; and
WHEREAS, HCC 18.08.160 (4) states the Council shall approve or deny the request for lease assignment via resolution.
NOW, THEREFORE, BE IT RESOLVED that the Homer City Council hereby approves the lease assignment of the Lee and Kim LLC Lease from Lee and Kim LLC to Y and C LLC, and authorizes the City Manager to execute a new twenty year lease with options for two consecutive five-year renewals for Lot 32, of the amended plat of the Homer Spit, according to Plat No. 89-34, at an initial annual base rent of $19,888.68 for the purpose of a restaurant, gift shop, general store, with future allowable uses including a laundry/shower facility, and rental units.
PASSED AND ADOPTED by the Homer City Council on this 14th day of January, 2019.
CITY OF HOMER
_______________________________
KEN CASTNER, MAYOR
ATTEST:
______________________________
MELISSA JACOBSEN, MMC, CITY CLERK
Fiscal Note: $19,88.68 Annually
