Subject:
Title
Third Amendment to Lease Agreement with TMT Properties-Belcher Commons LLC.
Body
Recommended Action:
Approval and execution by the County Administrator of the Third Amendment to Lease Agreement (Amendment) with TMT Properties-Belcher Commons LLC (Landlord) for 2,694 of rentable square feet located at 2189 Cleveland Street, Suite 263, Clearwater.
• County has leased office space at Belcher Commons for Pinellas County Veterans Services since October 9, 2014.
• The current lease agreement will expire on March 10, 2025.
• This Amendment will extend the Lease Agreement for an additional one (1) year term with one (1) renewal option for an additional one (1) year term.
• The base monthly rent will increase by 4.0% from $4,233.29 to $4,402.45 monthly for an increase of $169.16 per month.
• Funding for this purchase authorization is included in the FY25 Operating Budget for CPM in the General Fund.
Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.1 Provide planning, coordination, prevention, and protective services to ensure a safe and secure community
2.2 Be a facilitator, convenor, and purchaser of services for those in need
2.3 Provide comprehensive services to connect our veterans and dependents to the benefits they have earned
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.3 Ensure effective and efficient delivery of county services and support.
5.4 Strive to exceed customer expectations
Summary:
This Third Amendment to Lease Agreement will extend the Lease Agreement for an additional one (1) year term with one (1) renewal option for an additional one (1) year term.
Background/Explanation:
Pinellas County and Belcher Commons Office, LLC entered into an original Lease Agreement dated October 9, 2014.
On December 16, 2014, a First Amendment to Lease Agreement was entered into to accommodate tenant improvements specific to the needs of the disabled veteran clientele.
On May 4, 2020, a Second Amendment to Lease Agreement was entered into to exercise the first of five (5) renewal term options and update Paragraph 13 Indemnification.
The four (4) remaining renewal term options were exercised annually with written notice to the Landlord. The fifth and final renewal term option extended the Lease Agreement to March 11, 2025.
Belcher Commons Office LLC sold the property and assigned all the terms and obligations of the Lease Agreement to TMT Properties-Belcher Commons LLC effective as of February 12, 2024
This Third Amendment to Lease Agreement will extend the Lease Agreement for an additional one (1) year term with one (1) renewal option for an additional one (1) year term.
Fiscal Impact:
The base monthly rent will increase by 4.0% from $4,233.29 to $4,402.45 monthly for an increase of $169.16 per month.
Funding for this purchase authorization is included in the FY25 Operating Budget for CPM in the General Fund.
Delegated Authority:
Authority for the County Administrator to sign this Third Amendment to Lease Agreement is granted under Code Section 2-62(a)(2).
Staff Member Responsible:
Bill Greer, Director, Construction and Property Management
Karen Yatchum, Human Services Director
Partners:
Pinellas County Veterans Services
Attachments:
Third Amendment
Second Amendment
First Amendment
Lease Agreement
Location Map
Ownership transfer letter