Subject:
Title
Recognition Agreement with Elite Air Jet Center, LLC, and City National Bank of Florida at St. Pete-Clearwater International Airport.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Recognition Agreement (Agreement) with Elite Air Jet Center, LLC (Elite) and City National Bank of Florida (Bank) at St. Pete-Clearwater International Airport.
• The Agreement establishes terms and protections for the Bank during the term of the existing Ground Lease with Elite.
• The Agreement clarifies notification requirements and allows the Bank to take over the Ground Lease in case of default by Elite.
• This item has no fiscal impact on Pinellas County.
Body
Strategic Plan:
Prosperity and Opportunity
3. Increase workforce opportunities.
Smart Service Delivery
2. Achieve and maintain a high level of customer satisfaction.
Summary:
The approval of the Agreement provides the Bank with protections during the Ground Lease with Elite and clarifies terms and conditions regarding the mortgage the Bank has granted to Elite.
Background/Explanation:
On March 14, 2019, the Airport and Brookline PIE Ulmerton, LLC (Brookline) executed the Standard Ground Lease and Consolidation Agreement which combined the previous, separate agreements and clarified the rights and responsibilities associated with Brookline’s use of the property.
On June 16, 2021, Brookline executed an Assignment and Assumption of Lease with Elite transferring their rights to Phase III to Elite. Elite’s intended use of this parcel is the sole purpose of constructing and operating aircraft hangars for jet charters inclusive of jet storage, service, management, managed aircraft maintenance, self-fueling, and other related functions.
On July 10, 2023, Elite signed the First Amendment to Assignment and Assumption of Lease which extended the Ground Lease term and detailed a potential rent abatement due to Taxiway construction.
On November, 2023, Elite completed a Corrective Assignment which corrected an incorrect Exhibit to the Assignment and Assumption of Lease.
This Agreement establishes terms and protections for the Bank with regards to the mortgage that was granted to Elite and clarifies notification requirements in case of default by Elite.
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:
Recognition Agreement - 2025
Corrective Assignment and Assumption of Lease - 2023
First Amendment to Assignment and Assumption of Lease - 2023
Assignment and Assumption of Lease - 2021