Resolution terminating the Lease Agreement between the City of Daytona Beach and Biker Threads, LLC, effective December 30, 2018 in accordance with the request for a reduction in the lease payment for the last year from $100,000 to $75,000. The City of Daytona Beach entered into an agreement approved by Resolution No. 08-337 with Biker Threads LLC, to produce a motorcycle event in Riverfront Park. The agreement allowed them to develop events, displays and other miscellaneous activities in Riverfront Park during Bike Week and Biketoberfest each year and included a one year notice to terminate. The Agreement was extended by Resolution No. 11-208 for an additional three (3) year period commencing January 1, 2012. Resolution No. 15-60 approved an Addendum to the Agreement extending the terms of the Agreement for a period commencing January 1, 2016 and ending December 31, 2021; and established an annual fee for use of property. This is the official notice to terminate the agreement effective December 30, 2018 and provide a final year lease payment reduction from $100,000 to $75,000.
Recommendation: The City Manager recommends adoption of the Resolution.