Subject:
Title
Fourth Amendment to Lease Agreement with Mikros Systems Corporation to extend the term period for an additional year at the Young-Rainey Star Center.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Fourth Amendment to Lease Agreement (Fourth 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.
• Mikros’ amendment will extend the term for one year commencing on October 1, 2019 and ending September 30, 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.
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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:
This Fourth Amendment renews the lease for an additional year commencing October 1, 2019.
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.
The Amendment dated September 15, 2018, extended the term period through September 30, 2019.
This Amendment extends the term for an additional year commencing October 1, 2019. The leased premises consists of a total of 3,239 square feet.
Fiscal Impact:
Beginning October 1, 2019, the STAR Center shall receive $36,600.70 annually for the existing leased premises, paid in monthly installments of $3,050.06 excluding sales tax. This lease agreement is consistent with the FY20 Adopted Budget for the STAR Center Fund.
Delegated Authority:
Authority for the County Administrator to sign this Fourth Amendment is granted under Code Section 2-62(b).
Staff Member Responsible:
Andrew W. Pupke, Director, Real Estate Management
Partners:
N/A
Attachments:
Fourth Amendment
Lease Agreement
First Amendment
Letter of Agreement - 1st Option
Second Amendment
Third Amendment
Location Map