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Mayor’s Message continued

funds – committing $1 million apiece to trust funds for I’ve long worried how the Boat Show would fit at Bahia Mar if
affordable housing, parks and environmental sustainability. there is a significant residential component. While one would
hope people would buy there because they want to be at the
I really don’t think we should base the lease on the city being
business partners with Rahn Bahia Mar. There is another center of the show, I fear that some future residents will be
methodology for determining commercial rent – basing it on displeased by the annual disruption of their lives. We need
the property’s valuation. This is the approach I favor. strong commitments written throughout the agreements and
future sales contracts that guarantee the Boat Show’s presence.
Real estate consultants have estimated that Bahia Mar is worth
$182 million and recommend a rental rate of between 4 and So, before I can accept any new deal, we need to achieve
7 percent based on that valuation. At a 6 percent rent, this better financial terms and have those solid Boat Show
would bring the city $10.9 million a year … or more than $1 commitments made. Stay tuned. This should come to a
billion over the course of the lease. conclusion in the next couple months.
Yours,
So, we are rather far apart on base rent: $3.7 million
compared to $10.9 million. They say it evens out if we count
their property taxes toward their rent. That’s mixing apples
and oranges. A private landlord wouldn’t do that, and neither
should we. Dean Trantalis
Mayor, City of Fort Lauderdale
There are also other lease issues that I want to firm up.

Photo by Felix Mizioznikov

16 CORAL RIDGE COUNTRY CLUB ESTATES COMMUNITY ASSOCIATION