Subject:
Title
Third Amendment to Lease Agreement with Mikros Systems Corporation to extend the term period for an additional year and lease additional square footage on a month-to-month term at the Young-Rainey Star Center.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Third Amendment to Lease Agreement (Third Amendment) with Mikros Systems Corporation (Mikros) to extend the term period and to lease additional square footage on a month-to-month term at the Young-Rainey STAR Center (STAR Center), located at 7887 Bryan Dairy Road, Largo.
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
5.2 Be responsible stewards of the public’s resources
Summary:
This Third Amendment renews the lease for one final year commencing October 1, 2018 and will add the 486 additional square footage to the annually leased premises.
Background/Explanation:
Mikros entered into a one (1) year lease agreement at the STAR Center commencing October 1, 2014. A First Amendment to Lease Agreement, dated October 11, 2015, extended the term for one year and allowed for two (2) additional one-year option periods upon mutual written agreement of the Parties. The first one-year option period was renewed by letter of agreement dated September 20, 2016 and extended the term to September 30, 2017.
In a Second Amendment dated August 25, 2017, the second and final option period was exercised and extended the term to September 30, 2018. Mikros had requested an additional 486 square feet of space on a month-to-month term for the handling of incoming/outgoing materials and products.
This Third Amendment shall extend the term period for an additional and final year commencing October 1st, 2018. Mikros has requested to add the additional 486 square feet to the total square footage leased on an annual basis. The new leased premises shall consist of a total of 3,239 square feet.
Fiscal Impact:
Beginning October 1, 2018, the STAR Center shall receive $36,212.02 annually for the existing leased premises, paid in monthly installments of $3,017.67 excluding sales tax. This lease agreement is consistent with the FY19 Proposed Budget for the STAR Center Fund.
Delegated Authority:
Authority for the County Administrator to sign this Second Amendment is granted under Code Section 2-62(b).
Staff Member Responsible:
Andrew W. Pupke, Director, Real Estate Management
Partners:
N/A
Attachments:
Lease Agreement
First Amendment
Letter of Agreement - 1st Option
Second Amendment - 2nd Option
Third Amendment