Subject:
Title
Consent to Assignment and Assumption to the Ground Lease with Vayda Sheila, LLC and Bikaji Foods Inc. USA Corp, pertaining to leased premises near the St. Pete-Clearwater International Airport.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the County’s Content to Assignment of Ground Lease with Vayda Sheila, LLC (Vayda) and Bikaji Foods Inc. USA Corp (Bikaji) pertaining to leased premises near the St. Pete-Clearwater International Airport.
• Under the Ground Lease, the County’s consent is required in order for Vayda to assign its interests to Bikaji.
• The terms of the Ground Lease do not change.
• The County’s consent will enable Bikaji to operate a food manufacturing plant at the leased premises.
• The current annual ground lease rent for Fiscal Year 2026 (FY26) is $40,957.00.
• The annual ground lease rent for FY27 will be $48,713.00.
• The next Consumer Price Index (CPI) ground rent escalation is effective July 21, 2026.
• This has no direct fiscal impact as the original agreement and terms remain in place. This is only accommodating Bikaji’s assumption of the ground lease from Vayda.
Body
Strategic Priorities:
Prosperity and Opportunity
3.3 Increase workforce opportunities.
3.5 Foster business growth.
Summary:
The County’s consent to Vayda’s assignment of its interests under the Ground Lease to Bikaji will enable Bikaji to assume the ground lease rights from Vayda.
Background/Explanation:
On October 8, 2008, the Board of County Commissioners (Board) approved a Standard Ground Lease Agreement with Renewal Option between the County and MIDA Group, LLC (Mida), pursuant to which MIDA leased premises at 5160 140th Avenue, Airport Industrial Park, from the County (the original ground lease).
On May 19, 2016, the Board approved the creation of a Condominium Association for the property and also approved three standard ground lease agreements (which superseded the original ground lease) including the Standard Ground Lease Agreement for Unit C to Vayda.
Vayda now seeks to assign its interests under the Standard Ground Lease Agreement to Bikaji.
Bikaji is an international company with U.S. headquarters in New Jersey and is looking to expand. The company manufactures and sells authentic Indian snacks, founded by Shri Shivratan Agarwal in the late1980’s. It has six (6) operational facilities in India and exports its products to various countries.
Fiscal Impact:
This has no direct fiscal impact as the original agreement and terms remain in place. This is only accommodating Bikaji’s assumption of the ground lease from Vayda.
Delegated Authority:
Authority for the County Administrator to sign this Assignment is granted under Code Section 2-62 (a)(1).
Staff Member Responsible:
Mark E. Sprague, C.M., Director, St. Pete-Clearwater International Airport
Partners:
N/A
Attachments:
Assignment and Assumption of Ground Lease (Vayda to Bikaji) (includes consent)
Standard Ground Lease Agreement dated May 19, 2016 (County and Mida)
Assignment of Lease Agreement (Mida to Vayda)