Subject:
Title
Ninth Amendment to the Lease Agreement with Noblis, Inc.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Ninth Amendment to the Lease Agreement (Ninth Amendment) with Noblis, Inc. formerly Mikros Systems, LLC (Noblis) at the Young-Rainey STAR Center (STAR Center), located at 7887 Bryan Dairy Road, Largo, to extend the term of the Lease Agreement (Lease) for one (1) year.
• The term of the Lease will be extended for one (1) year commencing on October 1, 2023 and terminating on September 30, 2024.
• Annual revenue will be $33,091.08 which is consistent with the Fiscal Year 2024 (FY24) estimate and includes both base rent and Plant Maintenance Fees. This is an increase in annual revenue of $2,229.95.
• The increase to the base rent portion of the revenue is consistent with increases to other STAR Center tenants.
• The Plant Maintenance Fee recovers expenses for contractor fees, common area maintenance and facility operations costs; increases are reviewed annually based on CPI up to five percent.
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 Ninth Amendment will extend the Lease for one (1) year commencing on October 1, 2023 and ending on September 30, 2024.
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 (1) year and allowed for two (2) additional one (1) year options upon mutual written agreement of the Parties. The first one (1) 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.
The Fifth Amendment extended the term for an additional year commencing October 1, 2020 and reduced the Premises to its original 2,753 rentable square feet.
The Sixth Amendment extended the term for an additional year commencing October 1, 2021.
The Seventh Amendment renewed the lease for an additional one (1) year commencing October 1, 2022, increased the rental rate and added language concerning mergers.
The Eighth Amendment memorialized the merger of Mikros Systems, LLC to Noblis, Inc. to update their Commercial and Government Entity (CAGE) codes.
This Ninth Amendment will extend the term of the Lease for one (1) year commencing on October 1, 2023 and terminating on September 30, 2024.
Fiscal Impact:
The Fiscal Impact for this agreement will be $33,091.08 in annual revenue to the STAR Center and is consistent with the FY24 estimate.
Delegated Authority:
Authority for the County Administrator to sign this Amendment is granted under Code Section 2-62(a)(1).
Staff Member Responsible:
Greg Concannon, Division Director, Economic Development
Partners:
Economic Development Authority
Attachments:
Ninth Amendment
Eighth Amendment
Certificate of Merger
Seventh Amendment
Sixth Amendment
Fifth Amendment
Fourth Amendment
Third Amendment
Second Amendment
Letter of Agreement - 1st Option
First Amendment
Lease Agreement
Location Map