Subject:
Title
Consent to Assignment and Assumption of Ground Sublease between GSP Marketing Technologies and Eetho Brands, Inc. for property near the St. Pete-Clearwater International Airport.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Consent to Assignment and Assumption of Ground Lease (Agreement) between GSP Marketing Technologies (GSP) and Eetho Brands, Inc. (Eetho).
• The Assignment is permitted through the original Ground Lease but requires Pinellas County (County) approval.
• The parties to the agreement will execute the agreement at closing and are requesting the County sign in advance of the closing confirming the agreement has the County’s consent.
• All terms of the original ground lease will remain unchanged.
• This item has no fiscal impact on Pinellas County.
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Strategic Priorities:
Prosperity and Opportunity
3.5 Foster business growth
Smart Service Delivery
4.2 Achieve and maintain a high level of customer satisfaction
Summary:
This action allows GSP to assign their interest under its existing ground lease for property near the St. Pete-Clearwater International Airport to Eetho.
All terms and conditions of the Ground Lease will remain unchanged.
Background/Explanation:
On March 3, 1997, the County, as landlord, entered a long-term ground lease with Zeus. GSP is the original sublease of the subject property and has occupied the subject property for approximately the last 20 years.
On December 7, 2021, Zeus assigned their ground lease interest to GSP through an Assignment and Assumption.
The Assignment transfers GSP’s interest in the ground lease to Eetho.
Eetho is a light manufacturer of food and nutraceuticals that was started in 2005. They do business under the name Dose. They produce health products that enhance overall health. The ingredients in their shots are combined in optimal dosages to benefit the liver, skin, immune system, or muscles. They currently have a location in Pinellas County and are expanding to this facility that will employ approximately 50 people.
Fiscal Impact:
N/A
Delegated Authority:
Authority for the County Administrator to sign this Agreement is granted under Code Section 2-62 (a)(5).
Staff Member Responsible:
Thomas R. Jewsbury, Director, St. Pete-Clearwater International Airport
Partners:
N/A
Attachments:
Assignment and Assumption of Ground Lease - Eetho 2025
Assignment and Assumption of Ground Lease - GSP 2021
Original Ground Lease - Zeus 1997