Subject:
Title
Fourth Amendment to Lease Agreement with Gulf to Bay Center, LLC to extend the term of the County’s lease for the Pinellas County Tax Collector’s branch office at 1663 Gulf to Bay Boulevard, Clearwater, for one year.
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Recommended Action:
Recommended Action
Approval of a Fourth Amendment to Lease Agreement between Gulf to Bay Center, LLC (landlord), and the County (tenant) for the Tax Collector’s branch office at 1663 Gulf to Bay Boulevard, Clearwater, for one year.
• The County has leased the premises, approximately 11,100 SF of Class B space since the 1990s.
• The current term of the Lease is scheduled to expire on December 31, 2026 with a current rent rate of $235,519.80 annually.
• This Fourth Amendment will extend the term for 1-year with a 3% increase in rent (new rent is $242,585.40), from January 1, 2027, through December 31, 2027.
• This will include a one-year renewal option with a 3% escalation of annual rent to $249,862.96.
• The annual rent rate for the extended term is a negotiated amount and is in line with the fair market rental value of the premises at $21.85 SF. FY26 Class B Average Market rate for Pinellas submarkets is $25.93/SF per Avison & Young. Pinellas Economic Development’s published Average Market rate for Pinellas Class B submarkets is $27.36.
• Under the Lease, CPM’s annual budget (County General Fund) is programmed to provide for certain utilities, interior maintenance, janitorial and other support services.
• Funding for this lease agreement is included in the Tax Collector’s Fiscal Year 2027 budget.
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Strategic Priorities:
Smart Service Delivery
4.2 Achieve and maintain a high level of customer satisfaction.
Summary:
Summary
The Fourth Amendment to Lease Agreement will extend the term of the County’s lease at 1663 Gulf to Bay Boulevard, Clearwater (for space occupied by the Pinellas County Tax Collector) for one year, from January 1, 2027, through December 31, 2027.
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Background Information:
The County has leased the premises since the 1990’s (initially under a Lease Agreement dated December 6, 1994, which was superseded by a Lease Agreement dated July 17, 2007). The Lease was amended by First, Second and Third Amendments, to extend the term. There are no additional renewal options provided for under the Lease. The parties have agreed to amend the Lease to extend the Lease for one year, with one 1-year renewal option.
Fiscal Impact:
For the extended term (January 1, 2027 - December 31, 2027), annual rent will increase to $242,585.40, payable in monthly installments of $20,215.45 (representing an increase of approximately 3%).
Funding for rent payable for the portion of the extended term in FY27 is included in the FY27 Tax Collector’s budget. Funding for rent payable for the portion of the extended term in FY28 will be included in the FY28 Tax Collector’s budget.
If the County exercises the renewal option under the Fourth Amendment to extend the term for one year (January 1 - December 31, 2028), rent payable for the renewal period ($249,862.96, payable in installments of $20,821.91) will be included in the FY28 and FY29 Tax Collector’s budgets.
Staff Member Responsible:
Adam Ross, Pinellas County Tax Collector
Bill Greer, Director, Construction and Property Management
Partners:
Pinellas County Tax Collector
Attachments:
Fourth Amendment
Third Amendment
Second Amendment
First Amendment
Lease Agreement
Location Map