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HomeMy WebLinkAboutStudy Session - 21 Main Stret RFQ - Pier Concession Opportun City of Huntington Beach File #: 21-637 MEETING DATE: 9/7/2021 21 Main Street RFQ - Pier Concession Opportunity City of Huntington Beach Page 1 of 1 Printed on 9/1/2021 oowerect4 Lepistar" e .wi 21 MAIN STREET RFQ Study Session �i COMMUNICATION ti i iNcrory uEncri SUPPLEMENTAL 9.21.2021 oDft:_ qz-?lagl AQWWa IMm r � La I 21 Main Street - Background • Building in operation since 2009 - currently operated by Let's Go Fishing & Surf City Snack Bar LLC (original 5 year lease with one 5 year option). • Approximately 800 SF; located in the Downtown Specific Plan (DTSP) and Coastal Zone. • In April 2019, the City issued an RFP and in November 2019, Council authorized an updated lease agreement with Let's Go Fishing for a 6-month lease, followed by MTM. In June 2020, a 90 day extension was granted due to COVID. • Current base rent is $950/month or 10.5% of gross receipts; whichever is higher. Currently paying an avg. of approximately $4,200/month. 21 Main Street - RFQ On 5/26/21 - RFQ release with due date of 6/25/21. Desired r entity will: � � ---r Have proven track record Demonstrate experience Exhibit financial capacity - - ' Articulate a vision to enhance the pier experience Submittal requirements were as follows: • Cover letter • 3 years of tax returns • 2021 year-to-date income statement and balance sheet • 3 years of audited financial statements • Proposed use of the lease and the property • Biographical information Four entities submitted. National Development Council (NDC) — — conducted a preliminary review and Armijo Enterprises was disqualified due to lack of financial info/capacity. Three entities moved onto the 2nd round and submitted additional info: • Pro forma • Construction timeline • Proposed Improvements and cost Let's Go Fishing & Surf City Snack Bar LLC • Sole member LLC owned by Marian Johnson. • Existing & original operator of the site since 2009 (est. HB business since 1992). • Currently offers pre-packages foods, ice cream, �""! pas chips and other beach related merchandise in addition to bait & tackle. • Desire to upgrade and remodel the inside/ outside of the building. Provided information is unclear about improvements. • Interested in selling hot foods (pizza, nachos, tacos and hot dogs); installing soft serve ice cream and Icee dispensers; a coffee bar with pastries, bagels and muffins; expanding pole rentals, pier fishing classes and providing fishing- themed birthday parties/events as additional revenues streams. Let' s Go Fishing & Surf City Snack Bar LLC • $28,500 total budget for improvements. • 12-17 week estimated timeline to complete the project. • $435,000-$635,000 in sales projected for the first 3 years based on 100-110 sales per day at an average of $12-16/sale and assuming 15% growth per year. • Lease payments currently in excess of $50,000 annually. • Net profit margins of 13-20% (not inclusive of the owner's salary). • OVERALL - Lowest risk respondent; profitable, established and successful business with a proven past record who will continue operating status quo on the pier with similar annual revenues and minor improvements to the building and the products and services currently being offered. Ruby's Hospitality Group , LLC In 2018, Ruby's entered into a Chapter 11 bankruptcy process to reorganize its obligations and ownership. Casbure Management, LLC acquired the master franchise rights in November 2020 and formed Ruby's Hospitality Group, LLC to revitalize the iconic brand. Principle owners: Casbure Management, LLC (affiliate of West 51h Street Partners); Todd Spector, an individual; Eric Kurtzman, an individual; Joe Micatrotto, an individual. Concept - Construct a modified version of the classic Ruby's Diner utilizing a walk-up window for guest service and a modified menu to streamline operations and conform to existing space requirements. Ruby' s Hospitality Group , LLC BREAKFAST RUBY'S FAMOUS BURGERS Ro•w TEN+ aN wo.P.4,•oirc�w r M1 an.. 00 BUSY STS'LE RNR4,IanM•,u.m v/Wr\SA.ad REACH ueAKFAsr RUBRIlO ;p[,bm.<Inwe bb.prn b Plb.•W Rom\M.W BOARDWALK U<OM[ORDIR 1�•^9 BRO ro.BNm,(TbY[LIOI FRENCH TOAST f11Ckf �r.yN�.p i.4ti MW•y w,�y�. COLLAR OURcIR Ir{ruLL py M.tia 4Wil ltl 11![RR[A[fAtl SANDWICHsNeHM I.w AVDRRP yao„ wl..ou,a�PFr! C4IMPOSSIBLE BURGER SIDES BREAKFAST POTATOES RUBY'S CLASSIC DOGS TOT$ �STARS^R STRIPES MAIM BROWN$ ^--'.^rid,v`nt'•IRIQ N!R DOG SWEETS EAST LOS DOG $MAKES AND MALTS TVr,w.CbF•MN Svwe•.Y.C c ®am ripe.r. W�f4'W PWV VANILLA CONE <OIIAR DOG ;app.e ncromal � tiD'��wCti aoq R.0 an.rw lvaA SUNDAES (l,bol•N a$6�71 QUBY'S CLASSICS SIDES: BEVERAGES: CHICKEN FINGERS COFFEE HEO VIA wmyvma SEA SALT FRENCH FRIES TOTS COKE PRODUCTS LEMONADE BEACH BLVD ONION RINGS FRIED CHICKEN SANDWICH wnL[D WATER NOT CHOCOLATE 1p.Fw FF.A.ny pyll AdH.. oe- vWde m CJTALINA fltN AND CHIPS • $520,000 projected budget for improvements. Opening - within 12-14 weeks of receiving proper permits. • $1.1M - $1.41VI in sales projected for the first 3 years. 4-9% net profit margin. • Base rent of $90,000/yr. with % rent TBD; preference for long-term flat rent. Offering a strong guarantee of the lease. • OVERALL - A little riskier in operating and developing the space but Ruby's has a strong brand awareness at the HB pier with lease revenue proposed almost double existing rent within a similar square footage. Site will be enhanced but not trigger major entitlements. Beloved community amenity revived. Surf City Partners , LLC Design/Construction/Maintenance - Jeff Bergsma Government Approvals - Keith Bohr „r► Rest. F&B/Operational Systems - Paul Motenko Rest. Systems/Recruitment/Training - Sharon & Adam Go Huntington's is a "locals" eatery with... _ High quality comfort food & beverages (fine wines, locally craft beers and libations); • Outdoor dining; • Outstanding views; and, • Occasional live unplugged music. Concept also includes two mobile retail carts: PACIFIC Fishing pole rentals and the sale of bait & tackle; and, OCEM tt •� Coffee, hot chocolate and bottled water. ■ �+t{ m LLC is preliminary seeking a $1M loan commitment to ■ � o • fund the project with a 10-yearterm at 5% interest rate. o • m o Surf City Partners , LLC • $532,000 projected budget for improvements. • Project timeline est. at 7 months (4 months for permit approval process; 3 months for construction) with goal of opening in May 2022. Unrealistic timeline. • Sales projections for year one ($1.5M) with an increase of 66% in year 2 ($2.5M) and another increase of 10% in year 3 ($2.75M). 5-8% net profit margin. Aggressive projections. • Check average of $22.62, 90-minute table turns, open for breakfast, lunch and dinner, with 130 patrons (49 inside & 81 patio) based on 340 days. 81 patio seats may be difficult to achieve. • Base rent figure of $180,000/yr. (7% of sales based on the $2.5M year 2 revenue assumption). 40% sales derived from alcohol sales (typical restaurant 20-30%). • OVERALL - High-risk, high-reward. Experienced team and unique "local" eatery concept but new start- up restaurant (high rate of failure) - the space is small and the location non-traditional. Uncertainty with entitlements (coastal commission approval, parking, outdoor dining, ABC license) given the level of improvements needed. Taking on debt in the form of a $1M loan commitment. Highly dependent on sales from summer months. More complex deal all around but could offer the highest revenue potential and provide a unique dining establishment. EDC Recommendation • On August 11, EDC reviewed a presentation of the finalists and recommended to City Council that Ruby's enter into an Exclusive Negotiating Agreement (ENA) with the City, in a form approved by the City Attorney. • Following this study session, Council will consider a consent item requesting approval and authorization for the City Manager to enter into an ENA with Ruby's. Council can also provide alternative direction. • In an effort to provide each finalist a fair and appropriate opportunity to present before the final decision making body, each entity has been given the option of sharing their proposal at this study session. �rri4 =' w�� 1t� ►� i� i � uiu � � &7rl� _ � _ r ENA • Provides an opportunity to analyze the feasibility of pursuing the project while addressing various issues related to the change of use and proposed remodel. • Approval of an ENA does not obligate the City to enter into a lease agreement. A lease of the site will require separate City Council approval. • ENA term of 180 days to negotiate the lease terms, establish duties and obligations between the parties, and conduct due diligence. Such lease terms and obligations include the following: • Use, Term, Rent, Minimum Days/Hours of Operation, Maintenance, etc. • Design of Building Plans • Approvals including a Conditional Use Permit from the Zoning Administrator, Review by the Design Review Board for the building's design, colors, signage and materials, a Coastal Development Permit processed and approved by the Coastal Commission, and any applicable requirements related to outdoor dining, parking, and outdoor sales • Establishment of a Schedule of Performance and Entitlement Milestones Additionally, this ENA period will allow the current tenant to continue its lease and operations while Ruby's obtains all necessary permits rather than leaving the concession vacant during this period. Presentations • Let's Go Fishing & Surf City Snack Bar, LLC • Ruby's Hospitality Group, LLC • Surf City Partners, LLC L- - � 1 r Ad 1 RUBY 'S DINER HUNTINGTON BEACH PROPOSAL RUBY'S HOSPITALITY GROUP f T' T' hNff 'i- � '�i- 'f J N f eZ'7_ SUPPLEMENTAL COMMUNICATION �r - ApndsAwnNw- hu a . Mrs. Casanova, Thank you for the opportunity to submit the following requested qualification statement for Ruby's Hospitality Group, LLC for the City-owned concession building located on the Huntington Beach Pier at 21 Main Street. In our qualification statement we have included the following details: 1. Description of the qualifying entity (Ruby's Hospitality Group, LLC); 2. Biographical and credit information for all officers and directors; 3. Financial information on the proposed guarantor of leasehold operations (West 5th Street Partners); and 4. Proposed use of the space and preliminary conceptual renderings. We are excited about the opportunity to bring the beloved Ruby's Diner brand back to its home at the Huntington Beach Pier where for almost 40 years together we have become synonymous with the iconic pier location and the community of Huntington Beach, CA. Thank you in advance for your consideration. Warm Regards, d'L � d` e Micatrotto CEO, Ruby's Hospitality Group PUBY 'S HOSPITALITY GROUP, LLC Ruby's Hospitality Group, LLC and its affiliate, RD Franchise Systems, LLC, are the master franchisor for Ruby's Diner, a restaurant chain aesthetically designed after the American diner of the 1950's serving a menu that includes classic American hamburgers, French fries and milkshakes. The first Ruby's Diner opened on December 7, 1982, in a converted bait shop at the end of the Balboa Pier in Newport Beach, California. At its peak, the restaurant chain included 41 locations of company-owned and franchise units mostly focused in Southern California. Since its founding, Ruby's Diner has been a staple of locals and visitors alike synonymous with California surf city lifestyle with iconic pier locations throughout Southern California including the former location at the iconic Huntington Beach Pier. Today there are 19 Ruby's Diners located predominantly in Southern California. In 2018, the company-owned stores and franchise system of Ruby's Diner entered into a Chapter 11 bankruptcy process to reorganized its obligations and, ultimately, its ownership. Casbure Management, LLC successfully acquired the master franchise rights of Ruby's Diner in November of 2020 and formed Ruby's Hospitality Group, LLC to actively revitalize the iconic brand and relaunch the California hallmark across the nation with a fresh take on the timeless brand. Biographical Information - Officers and Directors of Ruby's Hospitality Group The principle owners of Ruby's Hospitality Group, LLC are listed below. • Casbure Management, LLC • Todd Spector, an individual • Eric Kurtzman, an individual • Joe Micatrotto, an individual We have included a brief write up and relevant biographical information for each owner, officer and director. CASBURE MANAGEMENT, LLC Casbure Management, LLC (Casbure) is a private investment company started by Todd Spector and Eric Kurtzman. Todd, Eric and the Casbure management team have lead companies through each stage of development and remain engaged in a broad variety of strategic and private investments with legacy operations and core competencies in finance, hospitality and business restructuring. Casbure — Private Investments (aspdevhub.com) TODD SPECTOR is a Managing Partner of Casbure and CEO of The ASNY Company, LLC (ASNY), a diversified single family office with focus in hospitality and finance. ASNY and its affiliates own and operate more than 2,000 hospitality units across thirteen full service resorts in Las Vegas, Hawaii, Palm Springs and Orlando. Todd Spector joined ASNY in 2007 and focuses primarily on the firm's strategy, private equity initiatives and hospitality-related opportunities. For the past ten years,Todd has focused his ASNY efforts working in senior leadership and operating roles of the firm's hospitality and finance companies. Before starting his career in the family business, Todd grew his experience in the assurance and audit practice of Ernst & Young's real estate division in Los Angeles, CA. As CEO of ASNY, Todd applies his almost twenty years of finance, investment and operating experience to the firm's various wholly-owned businesses and strategic growth initiatives. Todd's professional associations include serving on the boards of various portfolio companies, the American Resort Development Association (ARDA) and Young Presidents Organization (YPO). Married and a father of two, Todd lives in Las Vegas, Nevada. Todd's education includes a B.S in Business Administration and Corporate Finance from the University of Southern California's Marshall School of Business and a Masters of Accountancy (MAcc) from the University of Virginia, McIntire School of Commerce. Todd is a licensed Certified Professional Accountant (CPA) in the State of California. CASBURE MANAGEMENT, LLC ERIC KURTZMAN is a managing partner of Casbure and the co-CEO of Stretto, the nation's largest provider of bankruptcy-related software with 8 global offices and approximately 400 employees, including two offices in Orange County with over 100 employees. Respected as a revolutionary in the bankruptcy industry, he has over 20 years of expertise, including co-founding, building and exiting Kurtzman Carson Consultants prior to his private-equity backed leadership of Stretto. In addition to his track record of success as an executive in both a venture company and a private-equity backed company, Eric holds investments and board seats in a number of companies. Eric has a dual bachelor's degree from the University of California, Berkeley (Economics and Asian Studies), a law degree from the University of California, Los Angeles, and an MBA from the Anderson School at UCLA. Eric has attended universities in Japan (Obirin Daigaku)and Spain(Istituto de Empresa n/k/a IESE Business School). Eric Kurtzman has been honored with numerous business awards for his entrepreneurial endeavors and business accomplishments throughout his career, including the Ernst & Young Entrepreneur of the Year Award, the Entrepreneur Hot 100 and the Inc. 500. His previous firm, Kurtzman Carson Consultants, which he established and grew with co-founder Jonathan Carson, was recognized by the Los Angeles Business Journal as the fastest- growing company of the year in 2005. As co-CEO of Stretto, his latest successful entrepreneurial venture in the bankruptcy sector, he and his team earned recognition for the company's corporate restructuring services as the Turnaround Product/Service of the Year by M&A Advisor. CASBURE MANAGEMENT, LLC JOSEPH P. MICATROTTO, II is the operating partner and CEO of Ruby's Hospitality Group, LLC. Joe has overseen the development of national brands throughout Nevada and Arizona in addition to consulting for brands across the United States. Prior to partnering with Ruby's Hospitality Group, Mr. Micatrotto was the largest franchise operator of Raising Cane's Chicken Fingers with 36 locations in Arizona and Nevada, having sold the company to the founder in 2019. Prior to Raising Cane's, Joe was a Managing Partner and founding family member of Buca Di Beppo. Joe is active in several organizations, including the Las Vegas Executives Association, the Nevada Restaurant Association, and the United Way of Southern Nevada. Micatrotto sits as the Vice Chairman of the Nevada Restaurant Association's Education Foundation and Founding Chairman of the United Way's Young Philanthropist Society. Mr. Micatrotto is also a member of the Young Presidents Organization (YPO Las Vegas Chapter). Micatrotto has been fortunate to receive many charitable and restaurant industry awards.In 2008,Micatrotto was honored by the Nevada Restaurant Association for his service to the industry, and received the Association's coveted Restaurateur of the Year award. In 2010, Micatrotto was selected as one of In Business Las Vegas Magazine's "Top 40 Under 40". Micatrotto also received the 2010 UNLV Harrah's College of Hotel Administration's "Vallen Industry Executive of the Year" Award. In 2011, Joe earned his Hotel, Restaurant, and Tourism (B.S.)degree from Western Kentucky University, where he attended on an athletic scholarship and is graduate of Harvard University (HBS) where he earned his Owner/ President Management (OPM) degree. A FINANCIAL INFORMATION Ruby's Hospitality Group, LLC was formed in 2020 upon the acquisition of the master franchise rights of Ruby's Diner and therefore does not have three years of audited financial information, nor does it have filed tax returns as requested by the City of Huntington Beach. In order to demonstrate the financial wherewithal of Ruby's Hospitality Group, we are submitting proof of funds, audited financial statements and tax returns for West 5th Street Partners who will guarantee any lease agreement executed on behalf of Ruby's Hospitality Group, LLC. s � � West 5th Street Partners is the parent company of the ASNY Company, LLC,the principle business of Mr Todd Spector and an affiliate of Casbure Management, LLC. West 5th Street Partners has substantial liquid assets and is primarily a hospitality holding and investment company. Although not the successful bidder at auction, Casbure Management LLC, an affiliate of West 5th Street Partners,submitted the same financial package to Corey Weber, counsel for the City of Huntington Beach, satisfying the City's requirements to assume and operate the existing Ruby's Diner lease at the end of the pier. Sent under separate copy to Andria Martinez @ AMartinez@ndconfine.org, Ruby's Hospitality Group has provided the following financial information: 1. 2021 YTD Financial Statements for West 5th Street Partners; 2. Financial Statements for West 5th Street Partners for the years ending 2018, 2019 and 2020, 3. Audited financial statements for The ASNY Company, LLC (the largest wholly owned subsidiary of West 5th Street Partners) for YTD ending 2018, 2019 and 2020; 4. Signed Federal Tax Returns for West 5th Street Partners for the years ending 2017, 2018, 2019; and In an effort to further display the financial capability of Ruby's Hospitality Group and its principle Mr. Todd Spector, Ruby's Hospitality Group has also attached a letter of financial capability from J.P Morgan demonstrating sufficient unencumbered liquid capital for the proposed development at Huntington Beach Pier. PROPOSED USE OF LEASE AND PROPERTY It is the intention of Ruby's Hospitality Group to construct a modified version of the classic Ruby's Diner at the City-owned concession building located on the Huntington Beach Pier at 21 Main Street. Our modified version of the classic Ruby's Diner would utilize a walk-up window for guest service and a modified menu to streamline operations and conform to the existing space requirements. We have attached a conceptual rendering of the proposed development and a sample menu for illustration and discussion purposes. Our proposal would not require a modification to the existing footprint although enhancements to the current mechanical systems may be necessary. In association with our proposed use and lease of the property, Ruby's Hospitality Group is willing to partner with the City and fund various mutually beneficial capital improvement project(s) to beautify and enhance the pier. This could include and is not limited to the following: • Re-constructing the existing structure at 21 Main Street. • Beautifying and improving upon the existing structure without a full reconstruction. • Adding additional seating, dining and lounging space to the pier. • Further beautifying the pier with an aim to create a more engaging and entertaining space for guests and visitors It is important to note that while we have included the attached conceptual rendering and menu, we are flexible in design and scope. It is the intention of Ruby's Hospitality Group to work constructively with the City to bring a relevant and vibrant version of Ruby's Diner back to the Huntington Beach Pier. CONCEPTUAL RENDERING huBY5 i I� SAMPLE HUNTINGTON PIER MENU RUBY'S FAMOUS BURGERS OG RUBY'S STYLE C- PUBY'S(lettuce, tomato, onion w/Ruby's Sauce) BOARDWALK BACON BURGER(onion ring, BBQ sauce, Bacon, Cheddar, LTO)COLLAB BURGER (we provide the burger and bun, you build it)IMPOSSIBLE BURGER(protein style available on all burgers) CLASSIC DOGS ,. „ STARS & STRIPES (ketchup, mustard, onion, relish) PIER DOG (chili, onion, cheddar) EAST LOS DOG (Bacon wrapped, mayonnaise, pico de gallo) COLLAB DOG (we give you the dog and bun, you build it) RUBY'S CLASSICS SIDES: CHICKEN FINGERS w/ bbq or ranch SEA SALT FRENCH FRIES TOTS BEACH BLVD. ONION RINGS FRIED CHICKEN SANDWICH (special sauce and pickles) Add chili, cheese, onions or all of them CATALINA FISH AND CHIPS SAMPLE HUNTINGTON PIER MENU BREAKFAST Rod and reel in one hand, Ruby's breakfast in the other. BEACH BREAKFAST BURRITO (egg, bacon, cheese, tots, pico de gallo, and Ruby's salsa) FRENCH TOAST STICKS (served with maple syrup and whipped cream) PIER BREAKFAST SANDWICH ttT (ciabatta bread, fried eggs, bacon, and cheddar cheese) SIDES BREAKFAST POTATOES TOTS HASH BROWNS SWEETS SHAKES AND MALTS (Vanilla, Chocolate, Strawberry, Oreo) �- VANILLA CONE '' (dipped in chocolate) r SUNDAES (Chocolate or Strawberry) BEVERAGES: • ': COFFEE ICED TEA COKE PRODUCTS LEMONADE BOTTLED WATER HOT CHOCOLATE hUDY3 On behalf or Ruby's Hospitality Group, I want to thank you for your consideration of our proposal to bring a modified version of Ruby's Diner back to the Huntington Beach Pier. For more than 25 years Ruby's Diner has been synonymous with the City of Huntington Beach and specifically the iconic Huntington Beach Pier. We would be honored to return and build on our existing legacy and bond with the residents and visitors of Huntington Beach, CA. Sincerely, ?oeicatrotto CEO, Ruby's Hospitality Group ,x �4 _ THANK YOU. l i RD Franchise Systems, LLC 10795 W. Twain Ave., Suite 100, Las Vegas, NV 89135 ism,. _"tt HUNTINGTON BEACH CALIFORNIA Pnponse to t"Otp's Rpursl fw Qualiliuliam for - Nunlm{lon Peu6 Yin(en<wwm � ' 1r � - LM f rtY Ymrren � M21 SUPPLEMENTAL COMMUNICATION ww'ti g Date: 91712ba 1 4gendY nay„Na; SS:O I C i - 3� _-._ � r �� , ; „� J ��, �- - � : ,.� r,. � '� Y i w � l r ti _0 T R N Ikk& .. _ !tom i � • _ - lot � ":'.:-,Y•.�.:.^.. ram. T R 1 re VISIT J �I. 4L HUNTINGTON BEACH f SURF CITY USA' 7 Most vhotopaphee Rer on the Weft Coast eW , longest Concrete pro,on the California CoastW..*mt Most pbotapapbea Poet an the West Coati HN H Iruc lmitl,,, .I l lonpnl Canvete Net on the Cablotnla Coast 'i/ III II III I I . M 1 �r t wa �Y1`ft a A True Icon and Destination DOwnlovm Specific Plan CAis ANA w°wnwc.°w uwcx-cauraa wha w°aactow tvacw•uur°uu _ Understanding and Supports policy —m- respect of history - j direction of the City and context Nsbniw the d°wnmwn ---�--••- Singular, unique wnphaclre,the link to the _= Z '�•; «ean,ocean au�Nne,, -- location and ew heahutynt.hnn, _._ destination and l°ulroide"b to coeaht and lnlehad with the«ean eitperience. r F __AW.— a-- p Oriented to locals! 6wwlxaltaldwbblM ��- ..-^-•..---- Huntington Beach Ck MV VCIV/1M.••CV•CYI/MVN P�c =� i The Councd-s mission statement is as follows "The owµ City of Huntington Beach provWes sustainable -- Supports polity qusaty,services to maintain and enhance our safe direction of the City Owvbentaominkirwy The Three rw Ooate are: _ . qu Improve art of IN* :( '1.:._ OEnftarica end MaYNain Wnwinictua 0• sverow acanonft er4 sitevosi P I E R c �tnoioi�rw.� • Enwhaa id maintain public safely nce• Enha and maintain City ,erv"deinmry .er..00r aaa q I�riw..s.. n' LLaR� Family-Friendly Dining Family-Friendly Dining lw ~ With Unmatched Customer Service ! ,:e PJoactire Support of FIB's Non-Profit Fundraisers - ^ Live Local Musicians Z\ /7.L--7- J III � JM . r f t - �— morn ,+• Daily Sunset Views! ..�w . I • _ _ to mo + el .C. _. r n. `� ,. _toles'• + �• 4 7 , . -.. x.• ,, T Daily , b►ta 'f r r'r�I Ilfllll IIII IIlI!I P -wo '' = y 4 ; ,fir••. �•, - Am Oct Sustainability Significant Investment in City-Owned facility Improvements and Maintenance MEW- Ar— Jybe App Its- Iii Significant Investment in City-Owned Facility Improvements and Maintenance Significant Investment in City-Owned Facility Improvements and Maintenance or 1,1 t TM•OW Significant Investment in City-Owned Facility Improvements and Maintenance niiiiiiiiiiiiiiin rasa v Corr Doick"A fl•ree.,.nr Mf•rrl�MrM r — Surf City Partners and Long-time eased proposal will by far Local Team generate the most revenue of the three '- .I.n 13 y -a sha. I e.1�•^' submittersand4xmore -..I«nwYb, "n.h..mCun bul,,, opeuhnnaisy.lem.uevelopmem than the current tenant _1R3 and 2x more than the other proposal 4 r••a KUKh Bohr Paul YM.menYn Prolecl Managemmtl aml Ueveb4meM f, A uevera(le Cumepb t�i� � . . . ,r I I' i r I � � .� . _ _ �r► � � �I III � I � � _ -- r �.���y'� '�'II�' �► ` �� Ems_ — �!. _ � , � � W �- �y.+e�+� .� , _ _ � ' .'_ 1 ,