Subject:
Title
First Amendment to Lease Agreement with Epsilon Systems Solution, Inc. for space at the Young-Rainey STAR Center.label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a First Amendment to Lease Agreement (Amendment) with Epsilon Systems Solution, Inc. (Epsilon) to exercise its First Renewal Option and Expansion granted in Section 2 of the Lease for use of the Premises consisting of 3,296 rentable square feet (rsf) at the Young-Rainey STAR Center (STAR Center) located at 7887 Bryan Dairy Road, Largo.
• First Renewal Option and Expansion shall expand the initial Premises from 3,296 rsf to 5,852 rsf and extend the Lease for eighteen (18) months commencing April 1, 2020 and expiring September 30, 2021.
• Two (2) one-year renewal terms remain in effect. Body
Strategic Plan:
Foster Continual Economic Growth and Vitality
4.1 Proactively attract and retain businesses with targeted jobs to the county and region
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.4 Strive to exceed customer expectations
Summary:
The purpose of this action is to amend the Lease between Epsilon and STAR Center, to extend the term for eighteen (18) months and expand the Leased Premises to 5,852 rsf of administrative and office space.
Background/Explanation:
Epsilon desires to extend the term for 18 additional months and expand its Premises to the area within the perimeter of the Tenant’s Premises originally reserved as “Expansion Premises” on Exhibit A “Space Plan” of the Lease. The term of the Amendment shall commence April 1, 2020 and shall be for a period of eighteen (18) months and any Lease extensions elected thereunder. Epsilon is granted two (2) options to extend the term of the Lease for an additional period of twelve (12) months each.
Fiscal Impact:
The renewal/extension term (18 months) April 1, 2020 - September 30, 2021 with the expanded space will generate $134,742 rent which includes $23,676 reimbursable utilities plus estimated tax and surface water fees of $5,266. Total estimated revenue is $140,008.
The County has already paid for (in November of 2019) and met all responsibilities for $17,556 of reimbursable improvements upon proof of payment to contractor and intent to renew lease from the Lessee.
This Amendment is consistent with the FY20 estimate and FY21 request submitted as part of FY21 budget development.
Delegated Authority:
Authority for the County Administrator to sign this Amendment is granted under Code Section 2-62(b).
Staff Member Responsible:
Andrew W. Pupke, Division Director, Facilities and Real Property Division
Partners:
Economic Development Authority
Attachments:
First Amendment to Lease Agreement
Intent to Lease
Lease Agreement
Location Map