Subject:
Title
First Amendment to Lealman Exchange Master Lease and Management Agreement between Pinellas County and the St. Petersburg Foundation.
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Recommended Action:
Recommended Action
Approval of the First Amendment to the Lealman Exchange Master Lease and Management Agreement (Agreement) between Pinellas County (County) and the St. Petersburg Foundation (Foundation).
• In Fiscal Year 2021, staff conducted a strategic planning process for the Lealman Exchange, which resulted in the selection of the Foundation through a competitive process to manage the Lealman Exchange under a Collective Impact Model which unites multi-sector service providers into an integrated collective with shared goals, measurements, strategies, and services.
• The Foundation and County wish to extend the Agreement for the first of three five-year renewal terms commencing October 1, 2024, and ending on September 30, 2029.
• The Foundation and County also wish to amend certain provisions of the Agreement.
• Attached is the St. Petersburg Foundation’s Business Plan Update for year two, which includes the list of accomplishments, goals, and budget for year three.
• Funding for this Master Lease and Management Agreement is included in the Fiscal Year 2024 Adopted Budget and in the Fiscal Year 2025 Proposed Budget of the Department of Administrative Services in the General Fund and in the Lealman CRA in the Lealman CRA Fund. This Agreement contains a fiscal non-funding clause should this portion of future budgets not be approved.
Key Aspects of the Amendment includes:
• Exercise of the first five-year Renewal Term.
• The period for which disbursement of Net Operating Income (NOI) to all parties following receipt of audited financial statements will increase from ten days to forty-five days.
• Clarified that 50% of the NOI must be deposited into the Exchange Account to support reinvestment in programs and facility improvements.
• Language further clarifying the County’s responsibilities for capital improvements and outlining a process by which the County is notified of the need for capital improvements.
• The type of audit or agreed upon procedures will be decided by the County Administrator or designee.
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Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.2 Be a facilitator, convener, and purchaser of services for those in need
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:Summary
The First Amendment will extend the term of the Agreement, clarify existing language and extend the time provided for disbursement of net operating income.
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Background Information:
In FY21 staff conducted a strategic planning process for the Lealman Exchange and later initiated a Letter of Interest (LOI) procurement process to select an entity to implement the strategic plan.
The Foundation was selected to manage the Lealman Exchange and effective March 11, 2022, the County and Foundation entered into the Agreement which expires September 30, 2024.
The County and Foundation wish to amend certain terms and exercise the first five (5) year Renewal Term effective October 1, 2024.
Fiscal Impact:
Funding for this Master Lease and Management Agreement is included in the FY24 Adopted Budget and in the FY25 Proposed Budget of the Department of Administrative Services in the General Fund in the amount of $433,260 and in the Lealman CRA in the Lealman CRA Fund in the amount of $175,000. This Agreement contains a fiscal non-funding clause, should these portions of future budgets not be approved.
Staff Member Responsible:
Tom Almonte, Assistant County Administrator
Amy Davis, Assistant to the County Administrator, Lealman Community
Partners:
Lealman CRA Advisory Committee
Attachments:
First Amendment
Lealman Exchange Master Lease and Operating Agreement
Lealman Exchange Strategic Plan