The City of Savannah and Metzger Marine Services (“Operator”) entered into a lease on July 1, 2015 governing the use and operation of the Coffee Bluff Marina; a recreational facility located along the shores of the Little Ogeechee River offering recreational boat launch and retrieval services, bait and tackle for fishing, dockage, marine fuel, and more. The Operator has successfully expanded the menu of services offered at the marina to the community over time. The original lease term was four years with the option to extend for two additional four year terms, thus a total of twelve years. O.C.G.A. 36-37-6 authorizes municipalities to lease recreational facilities for a period of up to twenty years. Accordingly, the City and Operator have negotiated an amendment that extends the lease term an additional term of four years with the option for one last extension of four years. The Amendment also adjusts contract rent to current market rates based on an appraisal. The rent schedule includes a 3% annual escalator and the City will receive percentage rent/revenue share equating to 10% of gross revenues over $300,000 per year.
 

Approval