Subject:
Title
Fifth Amendment to Lease Agreement with Mikros Systems Corporation to extend the term for an additional year and reduce the premises to the original rentable square feet at the Young-Rainey Star Center.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Fifth Amendment to Lease Agreement (Fifth Amendment) with Mikros Systems Corporation (Mikros) to extend the term and reduce the Premises square footage at the Young-Rainey STAR Center (STAR Center), located at 7887 Bryan Dairy Road, Largo.
•This Fifth Amendment will extend the term for one year commencing on October 1, 2020 and ending September 30, 2021.
•This Fifth Amendment will reduce the Premises by 486 square feet effective October 1, 2020.
•Mikros’ continued presence at the STAR Center is beneficial in supporting local and national businesses by providing custom manufacturing, build to print, box build and testing services.
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 Fifth Amendment renews the lease for an additional year commencing October 1, 2020 and reduces the Premises to its original 2,753 rentable square feet.
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 options upon mutual written agreement of the Parties. The first one-year option 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 was exercised. This Amendment extended the term through September 30, 2018 and allowed for an additional 486 square feet to be leased on a month-to-month term for the handling of incoming/outgoing materials and products.
A Third Amendment dated September 15, 2018 extended the term through September 30, 2019 and the 486 square feet became part of the Premises bringing the total leased Premises 3,239 square feet.
The Fourth Amendment dated October 11, 2019 extended the term for an additional year commencing October 1, 2019.
This Fifth Amendment extends the term for an additional year commencing October 1, 2020 and reduces the Premises to its original 2,753 rentable square feet.
Fiscal Impact:
Beginning October 1, 2020, the STAR Center shall receive $30,503.24 annually for the existing leased premises, paid in monthly installments of $2,541.94 excluding sales tax. The annual revenue is included in the FY21 Adopted Budget, and with the reduced square footage, reflects a decrease of $6,097.46.
Delegated Authority:
Authority for the County Administrator to sign this Fifth 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:
Fifth Amendment
Fourth Amendment
Third Amendment
Second Amendment
Letter of Agreement - 1st Option
First Amendment
Lease Agreement
Location Map