Subject:
Title
Consent to Assignment and Assumption of the Ground Lease with Golf Car Systems, Inc. and Island Packet and Seaward Yachts, LLC at St. Pete-Clearwater International Airport.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Lessor Consent to Assignment (Ground Lease Consent) with Golf Car Systems, Inc. (GCS) and Island Packet and Seaward Yachts, LLC (Island Packet) at St. Pete-Clearwater International Airport (Airport).
• The Ground Lease Consent is necessary to accommodate Island Packet’s Assumption of the Ground Lease from GCS.
• The next CPI ground rent escalation is in 2030.
• The original ground lease allows for assignment with County approval.
• This does not impact the terms of the agreement or the annual lease revenue, which is currently $84,334.00. This request has no direct fiscal impact.
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Strategic Priorities:
Prosperity and Opportunity
3.3 Increase workforce opportunities
3.5 Foster business growth
Summary:
The approval of the Ground Lease Consent will enable Island Packet to assume the lease rights from GCS for the redevelopment of the site.
Background/Explanation:
In business since 1973, Golf Car Systems provides new and used golf cart sales, parts, service, remanufacturing, and rentals in Clearwater, Florida.
On June 4, 1985, the County and GCS executed a Lease Agreement with Renewal Options for 4.9642 acres of property located at 5325 140th Avenue North in Clearwater (the “original Lease”).
The original Lease was terminated and superseded by a First Amendment to Standard Ground Lease Agreement dated July 1, 2024, which became effective on July 1, 2025, adding 20 years with three 5-year rental options. The new Ground Lease expiration date (if renewed) is June 30, 2060.
The Assignee, Island Packet and Seaward Yachts is an experienced builder of blue-water cruising, sailing and motor yachts, based out of Largo, Florida. Their current production facilities are located on five acres of ground with 52,000 square feet of covered manufacturing space in central Pinellas County. This property will serve as an expansion for an established Pinellas County based business.
Fiscal Impact:
This does not impact the terms of the agreement or the annual lease revenue, which is currently $84,334.00. This request has no direct fiscal impact.
Delegated Authority:
Authority for the County Administrator to sign the Lessor Consent to the Assignment and Assumption of Ground Lease is granted under Code Section 2-62 (a)(6).
Staff Member Responsible:
Mark E. Sprague, C.M., Interim Director, St. Pete-Clearwater International Airport
Partners:
N/A
Attachments:
Lessor Consent to Assignment and Assumption of Ground Lease
First Amendment to Standard Ground Lease Agreement
Lease Agreement with Renewal Options