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INDIAN RIVER COUNTY, FLORIDA <br /> MEMORANDUM <br /> NOW <br /> TO: Joseph A. Baird, County Administrator <br /> FROM: Christopher R. Mora, P.E., Public Works Directorc. <br /> SUBJECT: Amendment to 3-Year Renewal of Lease for North County Offices <br /> DATE: May 28, 2014 <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. Staff <br /> negotiated a new, 3-year lease rate of $13 (FY13-14), $13.50 (FY14-15) and $14 <br /> (FY15-16) per square foot per year, which was approved by the Board of County <br /> Commissioners on September 7, 2013, which was the 6th renewal of the original lease, <br /> at the rates listed below. <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 /> The Renewal of Lease Agreement provides for a prorated increase in payment to the <br /> Landlord as additional rent if there is any increase in property taxes or insurance for the <br /> premises during the term of the lease. <br /> As of February 1, 2014, the insurance rates have increased for the leased office space, <br /> which would raise the monthly rental rate by $71.87. The new monthly rental amounts <br /> beginning February 1, 2014, reflecting the increased insurance amount for the office <br /> space at 11602 and 11604 US (Sebastian Square) in Sebastian, are as follows: <br /> Lease Dates Monthly Rent Prorated Revised <br /> Amounts Annual Rent <br /> 10/1/13 to 01/31/14 $3,114.58 $12,458.32 <br /> 02/1/14 to 9/30/14 $3,186.45 $25,491.60 $37,950.00 <br /> 10/1/14 to 9/30/15 $3,306.25 $39,675.00 <br /> 10/1/15 to 9/30/16 $3,426.04 $41,112.50 <br /> F:\Public Works\Luanne M\Facilities Management\Greene Investment Partnership-North County Leases\North 76 <br /> County Offices Amendment to Lease Renewal BCC 05-28-14.doc <br />