Subject:
Title
One-year lease renewal option letters with Altorr Corporation, Mikros Systems Corporation, and UAW Local No. 298 for leased space at the Young-Rainey STAR Center
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator for one-year lease renewal option letters with Altorr Corporation, Mikros Systems Corporation, and UAW Local No. 298 for leased space at the Young-Rainey STAR Center (STAR Center)
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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
Summary:
This action will allow for continued tenancy for one additional year to Altorr Corporation, Mikros Systems Corporation, and UAW Local No. 298 at the STAR Center. The 1st Amendment to lease agreements require mutual written agreement to exercise the one-year renewal period.
Background/Explanation:
The 1st Amendment to each of the tenants’ lease agreements requires that the one-year renewal option(s) be exercised by mutual written agreement of the Parties. A letter signed by both Parties is sufficient to complete this action. Absent the renewal, the agreements would terminate on September 30, 2016. Each of the tenants are amenable to renew the agreement for one year.
Fiscal Impact:
Rent payments are increased per the terms and conditions in each lease agreement.
Delegated Authority:
Authority for the County Administrator to sign these letters of renewal is granted under Code Section 2-62(a)(5).
Staff Member Responsible:
Andrew W. Pupke, Director, Real Estate Management
Partners:
Pinellas County Economic Development Authority
Attachments:
Altorr Corporation - 1st Option Renewal and Rent Increase Letter
Mikros Systems Corporation - 1st Option Renewal and Rent Increase Letter
UAW Local No. 298 - 1st Option Renewal and Rent Increase Letter