Subject:
Title
Second Amendment to Lease Agreement with Mikros Systems Corporation to exercise the second and final option period and lease additional square footage on a month-to-month term.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Second Amendment to Lease Agreement (Second Amendment) with Mikros Systems Corporation (Mikros) to exercise the second and final option period and 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.
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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:
The Second Amendment renews the lease for one final year commencing October 1, 2017 and increases the leased premises by 486 square feet on a month-to-month term.
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. Election of the second and final option period will extend the term to September 30, 2018.
The tenant requested an additional 486 square foot of space on a month-to-month term for the handling of incoming/outgoing materials and products.
Fiscal Impact:
Beginning October 1, 2017, the STAR Center shall receive $28,741.32 annually for the existing leased premises, paid in monthly installments of $2,395.11 excluding sales tax, and $473.04 monthly, excluding sales tax, for the additional leased area. This lease agreement is consistent with the FY18 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