The Olympia Marine Center LLC, owned by Austin Rognlin of Rognlin Motorsports and Marine, has been granted an option to remain a tenant of the Port of Olympia until 2054.
The Port of Olympia Commission ratified on Monday, April 22, an amendment to the tenant’s contract, giving the Olympia Marine Center another 15 years to continue leasing.
The lease agreement's initial terms do not end until 2029. Afterward, the Olympia Marine Center will have the option to continue leasing for ten more years. The amendment modifies the contract so that the tenant has a second opportunity to continue its lease after the first extension expires.
The rent currently increases at a rate of 10% every five years. The property will be appraised before the first and second lease extensions start to determine the new monthly rent. Additional rent adjustments will depend on the commission’s policy when the contracts are negotiated.
As part of the lease agreement, the tenant also agrees to facilitate the repairs of the property’s parking lot and access areas and maintain the building’s roof and gutters.
Real Estate Senior Manager Mattox told the commission that Olympia Marine Center is requesting the amendment to meet banking requirements for refinancing.
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Boatyarddog
This Port may be running service providers out of that Boatyard, as in the past.
Rumor IS they take a percentage of the work done as well as the "monthly" rent.
This seems unfair as expenses are huge for businesses with employees.
Past service providers have complained and left due to these costs to Providers at this Port.
These costs get pass on to the Boaters.... very wrong!
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