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INDIAN RIVER COUNTY, FLORIDA <br /> MEMORANDUM <br /> TO: Joseph A. Baird, County Administrator <br /> FROM: Christopher R. Mora, P.E., Public Works Director <br /> SUBJECT: 3-Year Renewal of Lease for North County Offices <br /> DATE: September 4, 2013 DEPARTMENTAL MATTERS <br /> BACKGROUND <br /> On July 7, 1992 the Board of County Commissioners executed a lease agreement with <br /> FNB Properties. Inc. for 2,875 square feet of office space at 11602 and 11604 US1 <br /> (Sebastian Square) in Sebastian. FNB Properties is now known as Greene Investment <br /> Partnership, Ltd. The office space comprises the North County Offices of the Property <br /> Appraiser, Clerk of the Court, Utilities Department and Veterans Services. <br /> This will be the 6th renewal of the original lease. The Landlord has offered to renew the <br /> lease for another 3 years under the terms of the original agreement. The County pays <br /> rent of $13 per square foot per year for this current fiscal year. Staff negotiated a new, <br /> 3-year lease rate of $13 (FY13-14), $13.50 (FY14-15) and $14 (FY15-16) per square <br /> foot per year. The new rates are as follows: <br /> Term of Lease Monthly Rent Annual Rent <br /> 10/1/13 to 9/30/14 $3,114.58 $37,375.00 <br /> 10/1/14 to 9/30/15 $3,234.38 $38,812.50 <br /> 10/1/15 to 9/30/16 $3,354.17 $40,250.00 <br /> RECOMMENDATION <br /> Staff recommends that the Board approve the lease renewal rates as proposed for the <br /> North County Offices and authorize the Chairman to sign the attached lease renewal <br /> agreement. <br /> ATTACHMENT Indian River County Ap ved Date <br /> �/��f13 <br /> Lease Renewal Agreement Administration <br /> Budget - 410/r!' <br /> APPROVED AGENDA ITEM Legal _o'-,—� <br /> Public Works 9�g -3 <br /> FOEWorks\Luanne <br /> 17 2013 <br /> BY <br /> FAP M\Facilities Management\Greene Investment Partnership-North County Leases\North 137 <br /> r`n.m+,,(brae I one.Rcn=XAMI P( (' nQ_OA_4 Q rinr <br />