Subject:
Lessor’s Consent to Assignment of Ground Lease for 4 Ground Leases at the STAR Center.
Body
Recommended Action:
Approval and execution by the County Administrator of a Lessor’s Consent to Assignment of Ground Lease for 4 Ground Leases at the STAR Center.
• The Pinellas County Economic Development Authority is a party to four (4) Ground Leases at the Young-Rainey Science Technology and Research Center (STAR Center), 7887 Bryan Dairy Road, Largo, with the following 4 affiliated ground lessees:
Star I 7935 Owner, LP
Star I 7995 Owner, LP
Star II Owner, LP
Star III Owner, LP
• The ground lessees are in the process of selling the buildings on these properties and simultaneously assigning their leasehold interests under the Ground Leases to the buyer (consisting of four affiliated LLCs).
• The Development Authority’s consent to the assignments is required under the Ground Leases.
• The buyer intends to grant its lender, Seacoast National Bank, a leasehold mortgage on the properties to obtain financing for the acquisition (as allowed under the Ground Leases).
• Economic Development desires to facilitate the transaction.
• This action has no fiscal impact on Pinellas County.
Strategic Plan:
Smart Service Delivery
4.2 Achieve and maintain a high level of customer satisfaction.
Summary:
Approval and execution by the County Administrator of a Lessor’s Consent to Assignment of Ground Lease for four (4) related Ground Leases at the STAR Center.
Background/Explanation:
The Pinellas County Economic Development Authority entered into the four (4) Ground Leases in 1999 and 2000. The Ground Leases were previously assigned to the current ground lessees in Sept 2021. The current ground lessees are selling the buildings to a buyer and are required under the Ground Leases to obtain the Development Authority’s consent to the ground lessees’ assignment of their leasehold interests under the Ground Leases to the buyer.
The Ground Leases provide that the Economic Development Authority’s consent to the assignment of the Ground Leases shall not be unreasonably withheld or delayed. Economic Development Authority has no objection to the assignments.
Fiscal Impact:
This action has no fiscal impact on Pinellas County.
Delegated Authority:
Authority for the County Administrator to sign the Lessor’s Consents is granted under Code Section 2-62(b).
Staff Member Responsible:
Greg Concannon, Division Director, Economic Development, STAR Center
Dr. Cynthia Johnson, Director, Economic Development
Partners:
Pinellas County Economic Development Authority
Attachments:
Lessor’s Consent to Assignment of Ground Lease (Star I 7935 Owner, LP)
Lessor’s Consent to Assignment of Ground Lease (Star I 7995 Owner, LP)
Lessor’s Consent to Assignment of Ground Lease (Star II Owner, LP)
Lessor’s Consent to Assignment of Ground Lease (Star III Owner, LP)
Exhibits A and B to Lessor’s Consent (2003-S020A)
Exhibits A and B to Lessor’s Consent (2003-S020B)
Exhibits A and B to Lessor’s Consent (2003-S021)
Exhibits A and B to Lessor’s Consent (2003-S022)
Location Map