8c presentation
Item No. 8c_supp Meeting Date: January 9, 2018 First Amendment to Ground Lease with Duke's Shilshole Bay Chowder House, LLC at Shilshole Bay Marina Jan 9, 2018 1 Shilshole Bay Marina Restaurant Pad Location 2 Shilshole Bay Marina "Central Plaza Area" (current) Shilshole Bay Marina Office and Retail Restaurant Pad Location Leif Erikson Statue 3 Shilshole Bay Marina "Central Plaza Area" (proposed) SBM Main Office Restaurant Pad Location Leif Erikson Statue 4 Shilshole Bay Marina "Restaurant Building Pad" (proposed) 5 Duke's Shilshole Bay Chowder House "Restaurant Floor Plan" N 6 Project Benefits Supports Maritime's goal of creating a "Destination Marina" Meets marina customers desire for full-service restaurant Creates an additional community meeting place Proposes sustainability practices that support Port environmental goals Draws new patrons and customers to the Marina and upland businesses Creates additional visibility for Shilshole Bay Marina Tenant bears construction cost, however building will become a Port asset Increased generation of lease revenue for the Port Adding Amenities at the Port's Largest Recreational Marina 7 Key Revised Lease Terms Premises: Adding 1,522 SF for a total of 8,022 SF restaurant pad Construction Rent: Increased to $3,216 per month until Substantial Completion Post Construction Rent: Increased to $12,864 per month annually. (no later than August 1, 2019 or substantial completion, whichever is sooner) Ground Lease Rates Above Market 8
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