Pompano Beach East CRA Advisory BoardOctober 18, 2018

POMPANO BEACH FISHING VILLAGE UPDATE

PBFV AERIAL VIEW

C1

C2

R4R5

R2R1

R3

E

PBFV AERIAL VIEW

C1

C2

R4R5

R2R1

R3

E

MASTER PLAN

PARCEL C1 BEACH HOUSE – OPEN SINCE MARCH

PARCEL C2 OCEANIC

PARCEL C2 OCEANIC

PARCEL R1 ALVIN’S ISLAND

PARCEL R1 ALVIN’S ISLAND

PARCEL R1 ALVIN’S ISLAND

R1 R1R1

R2

PARCEL R2 KILWIN’S/TBD/BURGER FI

PARCEL R2 KILWIN’S/ITALIAN/BURGER FI

PARCEL R5 HILTON HOTEL

PARCEL R5 HILTON HOTEL

PARCEL R5 HILTON HOTEL

PARCEL R5 HILTON HOTEL

PARCEL R1 LUCKY FISH

PARCEL R1 LUCKY FISH

PARCEL R1 LUCKY FISH

PARCEL R1 LUCKY FISH

PARCEL R1 LUCKY FISH

PARCEL R1 LUCKY FISH

PARCEL R1 LUCKY FISH

PARCEL R3 SPECIAL EVENT SPACE

PARCEL R3 SPECIAL EVENT SPACEPARCEL R3 SPECIAL EVENT SPACE

PARCEL R3 SPECIAL EVENT SPACE

PARCEL R3 SPECIAL EVENT SPACEPARCEL R3 SPECIAL EVENT SPACE

PARCEL R3 SPECIAL EVENT SPACE

4TH AMENDMENT TO DEVELOPMENT AGREEMENT

• Creation of a modern new venue for Pompano residents and organizations to use for wedding receptions, private parties, and other events.

• Increased synergies with the hotels (higher occupancy), and restaurants (more consistent mid-week and off-season business) both inside and outside Pompano Beach Fishing Village.

• An increase in percentage rent paid to the City of Pompano Beach from the other Pompano Beach Fishing Village parcels.

• Increased utilization of and revenue generated by the Pompano Beach Pier Parking Garage.

• A higher profile for Pompano Beach in the eyes of corporate users and event planners.

• Provision of an impetus for the development of more hotels in the area.• Generation of more TIF funds for the CRA.

• Insertion of a new development timeline which identifies completed milestones, adjusts dates to reflect more accurate projections by parcel. For example, Parcel E has been delayed by the Pier construction. The rest of the project is pretty much on schedule or ahead of schedule.

• Addition of language clarifying the definition of Rent Commencement includes TCO as well as CO.

• The size limit for parcel C2 (Oceanic) to be increased from 8700 to 9570 square feet and the minimum annual rent for that parcel to be increased from $75,000 to $94,000. The size increased largely due to a reconfiguration of the floor plan which expanded kitchen, cooler and storage areas.

• The total square footage allowed in the development to be increased from to 38,500 to 55,000 square feet if a hotel is built and from 48,500 to 65,000 sf if no hotel is built (if event space is built on Parcel C3). Minimum Rent also increased on Parcel R3.

• The cost of relocating or modifying existing utilities or infrastructure improvements to facilitate the development of the remaining parcels shall be shared 2/3 by the Pompano Pier Associates and 1/3 by the City. Examples include relocation of street lights, manholes, fire hydrants, sidewalks and crosswalks that were installed when the garage was built but now need to be modified to accommodate the actual buildings, which had not been identified at that time.

4TH AMENDMENT TO DEVELOPMENT AGREEMENT

ARCH

ARCH

PLAZA

ARCH

PLAZA

AERIAL OF COMPLETED DEVELOPMENT