Title:
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Approve and authorize the Chairman to execute the Reflections of Hidden Lake Community Services Department Lease with a maturity date of September 30, 2029, with an annual increase of $18,642.60 for a total of $309,045.00. District5 - Herr (Chad Wilsky, Fleet and Facilities Director on behalf of Allison Thall, Community Services Director)
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Division:
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Fleet and Facilities - Facilities Mntc
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Authorized By:
Chad Wilsky, Fleet and Facilities Director
Contact/Phone Number:
Sandra Aganovic/407-665-5280
Background:
On July 23, 2019, the Board approved a Lease Agreement with A & Z Ventures, LLC to provide lease space to be used by Community Services Department at 534 West Lake Mary Boulevard, Sanford, FL 32773. The current lease became effective on October 1, 2019 and is set to expire on September 30, 2024 with no option to renew. On November 9, 2021, the Board approved the Community Services Department’s move of their operations into to a larger space at 520 West Lake Mary Blvd., suite 300A, Sanford, FL 32773, containing approximately 15,230 square feet. On February 1, 2021, Community Services added approximately 3,000 square feet of space at 520 West Lake Mary Blvd, Suite 100, Sanford, FL 32773, to be utilized for Federal Emergency Rental Assistance program from Seminole County citizens, which is now utilized by the Veteran’s Service Office staff. On May 23, 2023 Community Services added approximately 500 square feet of space at 520 West Lake Mary Blvd., suite 100A, Sanford, FL 32773, to be utilized as a Veteran’s Office waiting room. The maturity date for all leased spaces, suites 100, 100A, and 300A, is set as September 30, 2024.
The proposed Lease Agreement to the Reflections of Hidden Lake Community Service Department extends the lease for an additional five (5) year period through September 30, 2029. The current monthly rent for all three (3) spaces is $24,200.20 or $290,402.40 per year. New monthly rent for all three (3) spaces starting January 1, 2025 will be $25,753.75 or $309,045.00 per year. Rent is set to increase every January 1st by either CPI index or 3% whichever is less.
County may terminate the lease at any time upon ninety (90) days’ notice to the Landlord. The lease remains a full-service lease with Landlord paying all costs of taxes, insurance, maintenance along with the utilities and janitorial services (Monday to Friday).
Requested Action:
Staff requests the Board approve and authorize the Chairman to execute the Reflections of Hidden Lake Community Services Department Lease with a maturity date of September 30, 2029, with an annual increase of $18,642.60 for a total of $309,045.00.