Subject:
.Title
Second Amendment to Lease Agreement with EJB Fairways, LLC.
Recommended Action:
.Recommended Action
Approval and execution by the County Administrator of the Second Amendment to Lease Agreement (Amendment) with EJB Fairways, LLC (EJB) for office space at 8200 Bryan Dairy Road, Largo for the Convention and Visitors Bureau (CVB).
• The current lease agreement expires on July 31, 2024.
• The Amendment extends the Lease term for three (3) years commencing on August 1, 2024, and expiring on July 31, 2027. There are two (2) one (1) year renewal options available.
• Upon execution EJB agrees to refresh the paint on allocated parking bumpers, repaint the restrooms, inspect and replace exhaust fans where needed, clean all ductwork and vents throughout the office, and clean the carpets two (2) times annually.
• The Fiscal Year 2024 impact is an increase in Monthly Rent of $1,600.73 per month, from $29,773.56 to $31,374.29 per month, which is an increase of 5.38%. The Monthly Rent has not increased for the past three (3) years.
• Funding for this amendment is included in the FY24 budget in the Tourist Development Tax Fund. Funding for the second year of this agreement is included in the requested FY25 Budget submission. Funding for future years will likely be requested in future budgets.
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.6 Support a vibrant community with recreation, arts and culture to attract residents and visitors.
Deliver First Class Services to the Public and Our Customers
5.2 Be responsible stewards of the public’s resources
5.3 Ensure effective and efficient delivery of county services and support
Summary:
This Second Amendment will extend the lease expiration from August 1, 2024 to July 31, 2027 with two (2) one (1) year renewal options available and agreed upon tenant improvements.
Background/Explanation:
On April 15, 2014 the County executed the Lease Agreement with EJB for 15,367 rentable square feet of air conditioned office space to support the needs of the CVB.
On June 18, 2019 the First Amendment to Lease Agreement was executed extending the lease term and provided restroom, breakroom and HVAC system improvements.
This Amendment will extend the lease term for three (3) years commencing on August 1, 2024 and expiring on July 31, 2027, with two (2) one (1) year renewal options and provide tenant improvements to the space. The monthly rent will increase by $1,600.73 per month, from $29,773.56 to $31,374.29 per month. The Monthly Rent has not increased over the past three (3) years.
Fiscal Impact:
The Fiscal Year 2024 impact is an increase in Monthly Rent of $1,600.73 per month, from $29,773.56 to $31,374.29 per month, which is an increase of 5.38%. The Monthly Rent has not increased for the past three (3) years.
Delegated Authority:
Authority for the County Administrator to sign this amendment is granted under Code Section 2-62(a)(2).
Staff Member Responsible:
Brian Lowack, Director, Convention and Visitors Bureau
Partners:
Convention and Visitors Bureau
Attachments:
Second Amendment to Lease Agreement
Second Amendment Rent Table
First Amendment to Lease Agreement
Lease Agreement
Location Map