Port of San Diego amends lease terms for Glorietta Bay

SAN DIEGO — A city’s request to delay implementation of a percentage-based rent system to repay waterside improvements for Glorietta Bay Marina was unanimously approved by the Port of San Diego’s Board of Port Commissioners on Nov. 17. Coronado will continue paying the port district a fixed rent through June 30, 2017, allowing the city to maintain fiscal responsibility while finishing construction work at Glorietta Bay Marina’s Dock C. City and port officials originally agreed upon a percentage rent system where boat slip income would determine monthly payments from Coronado to the Port of San Diego. A 2012 agreement between Coronado and the port called for the city to pay the district a fixed annual rent of $11,616 through June 30. Lease terms were scheduled to shift on July 1, when Coronado was to begin repaying the port based upon a percentage of boat slip income, with a minimum annual rent of $95,000. However the city requested to continue on its fixed annual rent schedule through June 30, 2017 so it could finish construction of Dock C at Glorietta Bay Marina and not be financially strapped. City officials agreed to give the port district a higher percentage of boat slip income between 2017...