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Commission hears detailed update on Krabby’s lease, directs title and UCC searches
Summary
City staff told the commission Krabby’s is in default and owes roughly $209,004; commissioners directed staff to complete title and UCC searches, continue efforts to recover past due funds, and prepare options including an RFP for re-leasing if needed.
City staff told the Fort Pierce City Commission on March 2 that Krabby’s — a long-term city leasehold — is in material default and the city is pursuing title and UCC searches as it weighs next steps.
The city manager provided a timeline showing the tenant requested an 18-month rent abatement on Sept. 26 and submitted an incomplete business proposal Dec. 29. Staff issued a default letter Jan. 30 and completed a final walkthrough Feb. 24, after which the city received the keys. "They did not provide the information that I asked for, revenues expense, the cash flow statement, and also there wasn't detail in the proposal how it was going to turn around," the city manager said, summarizing staff’s review…
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