Subject:
Title
Third Amendment to Lease Agreement with Epsilon Systems Solution, Inc. to add an additional 2,188 square feet at the Young-Rainey STAR Center located at 7887 Bryan Dairy Road, Largo.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Third Amendment to Lease Agreement (Amendment) with Epsilon Systems Solution, Inc. (Epsilon) to add an additional 2,188 square feet at the Young-Rainey STAR Center (STAR Center) located at 7887 Bryan Dairy Road, Largo.
• Current rentable square feet is 5,852 and will increase to 8,040 square feet.
• Current monthly rental rate revenue is $7,890.45 and will increase by $3,776.12 to $11,666.57.
• Rental rate for the additional space is commensurate with current market rates of similar facilities.
• The Fiscal Impact will be an increase in revenue of $11,328.36 for Fiscal Year 2024 and $45,313.44 for Fiscal Year 2025 in the Star Center Fund.Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract and retain businesses with targeted jobs to the county and region
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.4 Strive to exceed customer expectations
Summary:
Approval and execution by the County Administrator of the Amendment authorizes the addition of 2,188 square feet to the existing Lease with Epsilon at the Star Center.
Background/Explanation:
Epsilon entered into a Lease Agreement commencing on September 26, 2018, for 3,296 rentable square feet of administrative office space at the STAR Center.
A First Amendment to Lease Agreement dated May 20, 2020 extended the term for eighteen (18) additional months and expanded its Premises to the area within the perimeter of the Tenant’s Premises originally reserved as “Expansion Premises” on Exhibit A “Space Plan” of the Lease.
A Second Amendment to Lease Agreement dated April 13, 2023, extended the term for an additional two (2) years with three (3) one-year options to extend.
This Amendment will add 2,188 square feet, Building 100, 2nd Floor, Rooms 357X, T, U, V, W and 3570 to their existing Lease Agreement.
Fiscal Impact:
The Fiscal Impact for this agreement will be an increase in revenue to the STAR Center of $11,328.36 for FY24 and $45,313.44 for FY25.
Delegated Authority:
Authority for the County Administrator to sign this Amendment is granted under Code Section 2-62(b).
Staff Member Responsible:
Dr. Cynthia Johnson, Director, Economic Development
Partners:
Economic Development Authority
Attachments:
Third Amendment
Second Amendment
First Amendment
Lease Agreement
Location Map