Lease terms for Marina del Rey’s Fisherman’s Village could be amended

The L.A. Small Craft Harbor Commission unanimously recommended a proposed lease amendment for the Fisherman’s Village parcel in Marina del Rey to be approved by the county’s Board of Supervisors, Oct. 30.

Rent rates would be retroactively applied to Sept. 1, 2017, according to county staff.

The new annual rent payable from Fisherman’s Village tenants to the county would be $510,814.92, or $42,567.91 per month.

The commission’s recommendation includes the following additions or adjustments:

  • 10 percent for bicycle rentals (new income category)
  • 6 percent for commercial boating activities (adjustment from 4.5 percent rate)
  • 20 percent for dry storage income (adjustment from 10 percent)
  • 5 percent for fees on occupancy of structures other than apartments or offices (adjustment from 7.5 percent)
  • 12 percent collection on gross receipts or other fees for office occupancy (adjustment from 11 percent)
  • 4 percent collection on gross receipts for retail shops/stores (adjustment from 1.5 percent).

There were no other proposed changes in other rental categories.

“[The proposed lease amendment] would result in an increase in the annual minimum rent from $336,324 to $510,814.92, an increase of $174,490.92 based on 75 percent of the total average annual rent payable by the lessee to the county over the three years preceding Sept. 1, 2017,” county staff stated in a report to commissioners. “[The proposed lease amendment] would result in an increase in the total annual leasehold rent of approximately $52,000 as a result of the adjusted percentage rent.”

County staff anticipates receiving a retroactive payment of $133,000 from the Fisherman’s Village parcel once the amendment is in effect.

The recommended amendment proposal heads to the L.A. County Board of Supervisors for approval or rejection.

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