Subject:
First Amendment to Lease Agreement with Rebel Systems LLC.
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Recommended Action:
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Approval and execution by the County Administrator of the First Amendment to Lease Agreement (Amendment) with Rebel Systems LLC (Rebel) at the Young-Rainey STAR Center (STAR Center), located at 7887 Bryan Dairy Road, Largo.
• Rebel Systems LLC has been a tenant at the STAR Center since September 1, 2023. The original lease square footage was for 3,421 square feet.
• This Amendment will expand the leased premises by 4,076 square feet for a total of 7,497 square feet.
• Annual revenue will increase by $60,138.63 from $73,185.96 to $133,324.59 which is not included in the Fiscal Year 2025 (FY25) or Fiscal Year 2026 (FY26) budget and includes both base rent and Plant Maintenance Fees.
• The base rent portion of the revenue is comparable and consistent with base rent rates of similar facilities in Pinellas County.
• The Plant Maintenance Fee recovers expenses for contractor fees, common area maintenance and facility operations costs; increases are reviewed annually based on CPI up to five (5.0%) percent.
• The Fiscal impact for this agreement will be a $60,138.63 increase in annual revenue to the STAR Center and is not included in the FY25 Budget which will be recognized in the FY26 Proposed Budget.
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Strategic Plan:
Prosperity and Opportunity
3.3 Increase workforce opportunities
3.5 Foster business growth
Smart Service Delivery
4.2 Achieve and maintain a high level of customer satisfaction
Summary:
First Amendment to Lease Agreement with Rebel Systems LLC at the STAR Center to expand the leased premises by 4,076 square feet to a total of 7,497 square feet.
Background/Explanation:
Rebel Systems LLC is a start-up research and design technology company. In June 2023 they inquired into research and production space at the STAR Center. After review of the available space a request was made to lease an area totaling 3,421 square feet.
On September 12, 2023 a two (2) year lease agreement with one (1) renewal term option for an additional period of one (1) year was entered into for the 3,421 square feet lease space.
This Amendment will expand the leased premises by 4,076 square feet for a total of 7,497 square feet and increase revenue by $60,138.63 to the STAR Center.
Fiscal Impact:
The Fiscal Impact for this agreement will be an increase of $60,138.63 in annual revenue to the STAR Center and is not included in the FY25 or FY26 adopted budget.
Delegated Authority:
Authority for the County Administrator to sign this Amendment is granted under Code Section 2-62(b).
Staff Member Responsible:
Greg Concannon, Division Director, Economic Development
Partners:
Economic Development Authority
Attachments:
First Amendment to Lease Agreement
Lease Agreement