Subject:
.Title
Fourth Amendment to the Sublease Addendum with The Florida International University Board of Trustees.
Recommended Action:
.Recommended Action
Approval and execution by the County Administrator of the Fourth Amendment to the Sublease Addendum (Amendment) for warehouse space located at 8285 Bryan Dairy Road, Suite 125, Largo (Premises), for the Convention and Visitors Bureau from the Florida International University Board of Trustees (Sublessor) for purposes of storing marketing items.
• The Premises is used for marketing materials storage and re-distribution.
• The sublease term will be extended from May 1, 2024, to April 30, 2026.
• There will be one renewal term option for one year.
• The Premises is 1,872 square feet.
• The Fiscal Year 2024 impact is an increase in rent of $21,781.60, due to the rent covering the remaining five months of the fiscal year (May-September).
• The first year of the new lease is $10,035.84 (23.0%) higher than the last year of the old lease due to the lease term extending from a ten-month term to a twelve-month term, with a 3.0% increase in the Cost/RSF for the second year. The funding for this two-year lease will be proposed across three fiscal years.
• Funding for the first year of this lease extension is partially included in the Fiscal Year (FY) 2024 budget in the Convention and Visitors Bureau operating budget in the Tourist Development Tax Fund. The remainder will be absorbed in the FY24 Operating Budget and will not cause a budget amendment. Funding for the second year of this agreement is included in the requested FY25 Budget submission. Funding for part of the third year will likely be requested in the FY26 budget.
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Strategic Plan:
Foster Continual Economic Growth and Vitality
4.6 Support a vibrant community with recreation, arts and culture to attract residents and visitors
Deliver First Class Services to the Public and Our Customers
5.2 Be responsible stewards of the public’s resources
5.3 Ensure effective and efficient delivery of county services and support
Summary:
Execution of the Amendment will extend the sublease addendum term from May 1, 2024, to April 30, 2026, with one (1) renewal term option for one (1) year for 1,872 square feet of space and the three (3) shelves on a pallet rack needed for marketing materials storage and re-distribution for CVB.
Background/Explanation:
In September 2017, CVB relocated their warehouse storage from the Epicenter to the Premises to facilitate a reduction in employee travel time and provide 24-hour access to stored items. The Premises is used for storage and re-distribution of marketing materials required by the CVB for marketing Pinellas County as a tourism and vacation destination.
The original sublease addendum with National Forensic Science Technology Center commenced July 1, 2017, for a period of 60 months. National Forensic Science Technology Center, Inc. was subsequently acquired by FIU effective January 9, 2018.
The First Amendment with FIU expanded the rentable square feet (RSF) within the Premises from 828 to 1,872 square feet and added an additional pallet rack of storage consisting of three (3) shelves. The additional storage space and pallet rack are needed to accommodate additional marketing material storage.
The Second Amendment with FIU extended the term from July 1, 2022 to June 30, 2023.
The Third Amendment with FIU extended the term from July 1, 2023 to April 30, 2024.
This Fourth Amendment with FIU will extend the term from May 1, 2024 to April 30, 2026 with one (1) renewal term option for one (1) year.
Fiscal Impact:
The Fiscal Year 2024 (FY24) impact is included in the CVB operating budget. The first year of the new lease is $10,035.84 (23.0%) higher than the last year of the old lease due to the lease term extending from a ten (10) month term to a twelve (12) month term, with a 3.0% increase in the Cost/RFS for the second year. The funding for this two-year lease will be proposed across three fiscal years.
Delegated Authority:
Authority for the County Administrator to sign this amendment is granted under Code Section 2-62(a)(2).
Staff Member Responsible:
Brian Lowack, Director, Convention and Visitors Bureau
Partners:
Convention and Visitors Bureau
Attachments:
Fourth Amendment to Sublease Addendum
Fourth Amendment Rent Table
Third Amendment to Sublease Addendum
Second Amendment to Sublease Addendum
First Amendment to Sublease Addendum
CVB Sublease Addendum
Location Map