File #: 24-0131    Version: 1
Type: New Business Status: Passed
File created: 4/12/2024 In control: Ports and Harbor Commission
On agenda: 4/17/2024 Final action: 4/17/2024
Title: Approval of a Recommendation to City Council to Authorize Lease Assignment and Amendment of Lease Agreements with Peter Pan Seafoods Company, LLC for Tract T South Harbor Subdivision, Tract L Habor Subdivision, Tract F Harbor Subdivision, Tract C Harbor Subdivision, and a 39,376 Square Foot Portion of USS 495 Tidelands to Silver Bay Seafoods-Valdez, LLC
Attachments: 1. SBS PPSF Lease Assignment and Assumption Application, 2. SBS Attachments to Lease Application, 3. PPSF Request to Transfer to Silver Bay, 4. Peter Pan Assignment and Assumption of Leases 2020, 5. Peter Pan Dock Lease, 6. Peter Pan Dock Lease Amendment No. 1, 7. Peter Pan Dock Lease Amendment No. 2, 8. Peter Pan Dock Lease Amendment No. 3, 9. Peter Pan Dock Lease Amendment No. 4, 10. Peter Pan Tract C Lease Amendment No. 1, 11. Peter Pan Tract C Lease, 12. Peter Pan Lease Amendment No. 1 Tract F, 13. Peter Pan Tract F Lease, 14. Peter Pan Lease Tract L, 15. Peter Pan Lease Amendment No. 1 Tract L, 16. Peter Pan Lease Amendment No. 2 Tract L, 17. Peter Pan Lease Amendment No. 3, 18. Peter Pan Tract T Lease Amendment No. 1, 19. Peter Pan Tract T Lease Agreement, 20. Peter Pan Amendment No. 2 Tract T
ITEM TITLE:
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Approval of a Recommendation to City Council to Authorize Lease Assignment and Amendment of Lease Agreements with Peter Pan Seafoods Company, LLC for Tract T South Harbor Subdivision, Tract L Habor Subdivision, Tract F Harbor Subdivision, Tract C Harbor Subdivision, and a 39,376 Square Foot Portion of USS 495 Tidelands to Silver Bay Seafoods-Valdez, LLC
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SUBMITTED BY: Nicole LeRoy, Planner

FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A

RECOMMENDATION:
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Approval of a recommendation to City Council to authorize lease assignment and amendment of lease agreements with Peter Pan Seafoods Company, LLC for Tract T South Harbor Subdivision, Tract L Habor Subdivision, Tract F Harbor Subdivision, Tract C Harbor Subdivision, and a 39,376 square foot portion of USS 495 Tidelands to Silver Bay Seafoods-Valdez, LLC.

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SUMMARY STATEMENT:
Representatives from Silver Bay Seafoods-Valdez, LLC approached staff with the request to assign and assume all the lease agreements held by Peter Pan Seafoods Company, LLC prior to closing of a sale agreement with the company. The details of the individual lease agreements are referenced below.
Three of the lease agreements have annual rental rates of 6% of appraised value, as this was the fair rental value set forth in Valdez Municipal Code at the time they were executed. In addition to assigning the lease agreements to Silver Bay Seafoods-Valdez, LLC, staff recommends amending those leases to increase the rental rate to 10% of the appraised value annually per Valdez Municipal Code 4.08.010 as a part of this action.
Per Valdez Municipal Code, the Ports and Harbors Commission and Planning and Zoning Commission shall make a recommendation to the City Council on the decision to approve all the lease assignment and amendments. The Ports and Harbor Commission decision and comments will be forwarded to the Planning and Zoning Commission and City Council for their conside...

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