Ventura Port District AgendaPacket Board of Port Commissioners Meeting 2026-04-15
Existing Marina Master Lease with Derecktor Marine Holdings
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Description
Ventura Port District holds an existing 30-year master lease with Derecktor Marine Holdings LLC for Parcels 20 and 14, with a 20-year option and a minimum $3.5 million redevelopment requirement by 2032. Resolution No. 3554 positions this lease to be assigned to Argo SMI Kinship LLC, generating appreciation rent and reimbursement of legal and other third-party costs.
Contract Details
Vendor
DERECKTOR MARINE HOLDINGS LLC
Agency
Ventura Port District, CA
Contract Type
FACILITIES
Document Date
April 15, 2026
Contract Term
30-year master lease with 20-year option; redevelopment required within 8 years of lease execution (through approximately 2032)
Renewal Info
Master lease includes a 20-year option beyond the initial 30-year term and requires redevelopment within eight years of lease execution; assignment to a new lessee is under consideration.
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