Subject:
Title
License Agreement between Raytheon Company and the Pinellas County Economic Development Authority for leased space at the Young-Rainey STAR Center.label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a License Agreement between the Raytheon Company (Raytheon) and the Pinellas County Economic Development Authority, dba Pinellas County Economic Development Authority (PCEDA) for space at the Young-Rainey STAR Center (STAR Center) located at 7887 Bryan Dairy Road, Largo.
• Raytheon has three new projects and plans to hire sixty new employees
• Raytheon needs transitional staging space to store furniture while renovations occur in their existing leased space
• The STAR Center has sufficient vacant space to accommodate the License
• The License Agreement is for one (1) year
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
5.3 Ensure effective and efficient delivery of county services and support
5.4 Strive to exceed customer expectations
Summary:
The purpose of this action is to establish a License Agreement between Raytheon and the PCEDA, for 6,650 rentable square feet of storage/staging space at the STAR Center. The term of the License Agreement is one (1) year.
Background/Explanation:
Raytheon, the STAR Center’s anchor tenant, has three new business projects and plans to hire sixty more employees. One of the projects, awarded by the US Government, requires a buildout completion date of July 31, 2019. In order to integrate the programs, Raytheon must renovate several areas within its existing leased premises. This has created a need for transitional storage/staging space for office furniture.
There is 6,650sf of vacant space in building 100 - Area 351 that best serves this intermediate need. The License Agreement provides for a one (1) year term with a thirty day right to terminate, exercisable by either party. The space would be offered “as-is” at a rate of $4/sf plus ad valorem/surface water fees (prorated for occupancy) and monthly metered electric reimbursement.
Fiscal Impact:
FY19 revenue, for three (3) months will be $6,650.01 and FY20 revenue, for nine (9) months will be $19,950.03. The revenue and expenses associated with this limited use were budgeted for FY19 and within the proposed FY20 STAR Fund budget.
Delegated Authority:
Authority for the County Administrator to sign this License Agreement is granted under Code Section 2-62(b).
Staff Member Responsible:
Andrew W. Pupke, Director, Real Estate Management
Partners:
Economic Development Authority
Attachments:
Lease Agreement
Location Map