HomeMy WebLinkAbout16 - A Resolution to Adjust Rent Charged for Commercial Fuel Docks - PowerPointFebruary 13,2018
Item No. 16
City Council —February 13,20A
Update to
Commercial Tidelands Rate —
Fuel Docks
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Dock Rent Calculation Ontic
Commercial Use Category
Fuel Dock
• Option i — Base Rent only
• Option i — Greater of Base or Percentage Rent
(so.oi/gallon, not to exceed $0.76/square foot, per
year)
• Option 3 — Percentage Rent only ($o.oi/gallon, not to
exceed $0.76/square foot, per year)
GHJ Appraisal Market
Rate -
Base Rent
$/sf
Percentage Rent Comparison
Commercial Use - Fuel Dock
EL..-
O"M
Current Rate
Rent �/sf.
$0.015/gallon <Zoo,000 gal,
and $0.02/gallon >Zoo,000
gal
No Cap on % Rent
$0.76
so.o1/gallon up to $0.76/sf
Cap on % Rent — up to
$0.76/sf
3
Annual Revenues
Commercial Use - Fuel Dock
$7, 911.603,4
1 - Based on the 2017 Index Rate
2 - Revenues based on 10,410 square feet of fuel docks harbor -wide
3 -Assumes 791,160 gallons sold in harbor, between two fuel docks
4 - Maximum revenue; may be less if percentage rent calculation used
4
rMers Mrs 1 w
ase :LW 'T� Phase 2:
Commercial Use Category � I March 20i8 Rent I August 20i8 Rent
sw I $/sf
Fuel Dock1
• Option i — Base Rent only
• Option i — Greater of Base or
Percentage Rent (so.o3./gallon, not to
exceed $0.762/square foot, per year)
• Option 3 — Percentage Rent only
(so.oi/gallon, not to exceed
$0.762/square foot, per year)
Questions
?