Subject:
Title
Tenth Amendment to the Lease Agreement with Janus Research Group, Inc. at the Young-Rainey STAR Center.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Tenth Amendment (Amendment) to the Lease Agreement (Lease) with Janus Research Group, Inc. (Janus) at the Young-Rainey STAR Center (STAR Center).
• Janus has leased warehouse space at the STAR Center since 2013.
• Janus, through the US Army Communications-Electronic Command (CECOM), supports Raytheon Technologies (RTX) with on-site vehicle maintenance.
• The Amendment extends the term for an additional one (1) year term, commencing on July 1, 2024 and terminating on June 30, 2025.
• Current rent is $8.12 per square foot and proposed rent is $8.85 per square foot, equaling an increase of 8.99%, which is consistent with market rents for warehouse space.
• Annual revenue will increase from $24,197.60 to $26,373.00 in the Star Center Fund. This is an increase in annual revenue of $2,175.40.
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
5.2 Be responsible stewards of the public’s resources
Summary:
This Amendment extends the current lease term for one (1) year and increases the annual rent received by the County by 8.99%.
Background/Explanation:
In 2013 Janus entered a lease at the Star Center. Subsequently, the lease has been extended by amendment several times. Janus is a subcontractor to RTX and leases 2,980 of unconditioned warehouse space in Building 700 for maintaining federal government vehicles. Building 700 is located within the secured perimeter.
The Amendment will extend the term for an additional one (1) year term, commencing on July 1, 2024, with a termination date on June 30, 2025, and will increase the annual rent by 8.99%.
Fiscal Impact:
The Fiscal Impact for this agreement will be $26,373.00 in annual revenue to the STAR Center. This revenue is included in the proposed FY25 budget for Economic Development in the STAR Center Fund.
Delegated Authority:
Authority for the County Administrator to sign this Amendment is granted under Code Section 2-62(b).
Staff Member Responsible:
Greg Concannon, Division Director, Economic Development
Partners:
Economic Development Authority
Attachments:
Tenth Amendment
Lease Agreement
Location Map