Subject:
Title
First Amendment to Standard Ground Lease Agreement with Golf Car Systems, Inc. a corporation authorized to do business in the State of Florida at St. Pete-Clearwater International Airport.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the First Amendment to Standard Ground Lease Agreement (Amendment) with Golf Car Systems, Inc. (GCS) at St. Pete-Clearwater International Airport (Airport).
• The amendment extends the terms of the ground lease with GCS.
• The rental rate is raising from $0.26 per square foot to $0.39 per square foot.
• The term of the amendment is 20 years with three (3) five-year options.
• Fiscal Year (FY) 24 revenue is unaffected by the renewal of the ground lease. Revenues of $60,986.38 are included in the requested FY25 Budget submission in the Airport Revenue and Operating fund.
Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract and retain businesses with targeted jobs to the County and the region
Deliver First Class Services to the Public and Our Customers
5.4 Strive to exceed customer expectations
Summary:
The approval of the amendment will enable GCS to continue to lease 4.962 acres MOL of land on 140th Avenue North in Clearwater.
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, GCS initiated a Ground Lease Agreement with renewal options for the 4.962 acres of property located at 5325 140th Avenue North in Clearwater. The existing agreement expires in 2025 and GCS wants to continue to operate their golf car sales and service business at this location.
Under the old agreement, GCS has not been paying the Surface Water Assessment fee, however, effective June 30, 2025, with this new amendment, they will be required to do so.
The new rate is based on comparable appraised value of Airport industrial land located within the vicinity of the Airport as determined by the Pinellas County Property Appraiser.
Fiscal Impact:
Annual income to Pinellas County will increase from $55,442.00 to $83,334.47.
OMB calculated FY25 pro-rated lease revenue of $62,665.12 is 13.0% higher than most recent years due to an increase in per square foot lease rate to $0.39/square foot.
Annual revenue will increase to $84,334.47 in FY26 and thereafter.
Delegated Authority:
Authority for the County Administrator to sign this Amendment is granted under Code Section 2-62 (a)(1).
Staff Member Responsible:
Thomas R. Jewsbury, Director, St. Pete-Clearwater International Airport
Partners:
N/A
Attachments:
First Amendment to Standard Ground Lease Agreement