Title:
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Approve and authorize the Chairman to execute Third Amendment and Extension to Impower, Inc. Lease Agreement. The proposed Third Amendment and Extension to the lease agreement extends the lease for twenty (20) years with an additional five (5) year renewal option Rent remains at $1.00 per year with maturity date of April 12, 2046. District1 - Dallari (Stephen Koontz, Assistant County Manager)
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Division:
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Administrative Services-Real Estate
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Authorized By:
Stephen Koontz, Assistant County Manager
Contact/Phone Number:
Shane Fischer/407-665-7414
Background:
The lease agreement with Impower, Inc. was approved by the Board of County Commissioners on March 24, 2020 for the leased facility at 3800 Dike Road in Winter Park, FL 32792. The lease agreement matured on April 12, 2022 with two (2) optional two (2) year renewal periods. The Board approved First Renewal to Lease agreement with Impower, Inc. on January 25, 2022 for a two (2) year term from April 13, 2022 to April 12, 2024. The Board approved the Final Renewal and Second Amendment to the Lease Agreement on January 23, 2024 which renewed the lease for the final two (2) years from April 13, 2024 to April 12, 2026.
The proposed Third Amendment and Extension to the lease agreement extends the lease for twenty (20) years with an additional five (5) year renewal option. The reason for the long extension is to comply with federal regulations related to grant applications for building improvements. Sections 5, 8, and 12 of the lease extension were amended to add language requiring Impower to apply for available grant funding if they want to make capital improvements to the county-owned building, and for Impower to make all repairs to the premises. Failure to obtain grant funds does not alleviate Tenant’s obligations for repairs, maintenance and alterations of the leased premises. Landlord’s mailing address has been updated. Risk Management reviewed insurance requirements and made updates accordingly. The annual rate remains at $1.00 per year. The Tenant continues to pay for all interior/exterior maintenance, HVAC system, utilities, janitorial and garbage service. The County is responsible for pest control.
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute Third Amendment and Extension to Impower, Inc. Lease agreement with an annual rent of $1.00 through April 12, 2046.