Board Unanimously Approves Rental Rates at Marina del Rey
The rental rate Los Angeles County receives from developers who operate hundreds of apartments and boat slips in Marina del Rey will remain basically the same for up to eight years under agreements unanimously approved Tuesday by the Board of Supervisors.
The marina is owned by the public and developers there operate on long-term leases with the county. Those leases provide that the county’s share of the gross rent collected by the developers on their apartments and boat docks be renegotiated every 10 years.
The protracted rent renegotiations were resolved by arbitration in the case of the 846-unit Marina Harbor Apartments and the 224-unit Villa Venetia Apartments. The county will continue to receive 10.5% on apartments and 25% of the rent on boat slips.
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