PLACEMENT: Consent
TITLE:
title
REQUEST AND APPROVAL TO TERMINATE THE LEASE BETWEEN DISTRICT BOARD OF TRUSTEES OF INDIAN RIVER COMMUNITY COLLEGE (IRCC) AND THE MARTIN COUNTY BOARD OF COUNTY COMMISSIONERS (BOARD) IN INDIANTOWN
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EXECUTIVE SUMMARY:
executive summary
This is a request for the acceptance and approval of a Mutual Termination of Lease between IRCC, now Indian River State College (IRSC), and Martin County for the lease of the IRSC Satellite Office located at 15655 SW Osceola Street, in Indiantown. IRSC has relocated these services to the new facility on SW Citrus Boulevard.
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DEPARTMENT: Public Works
PREPARED BY: Name: Carla T. Segura, FRP
Title: Real Property Manager
REQUESTED BY: Indian River State College
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
1. Mutual Termination of Lease drafted by:
Martin County
2. Parties to the Mutual Termination:
Martin County - Lessor
Indian River State College - Lessee
3. Purpose of the Mutual Termination:
Terminate use and Lease Agreement
4. New/Renewal/Modified:
New
5. Duration:
Lease will terminate upon approval by the Board of County Commissioners
6. Benefits to Martin County:
Provide the County with the opportunity to consider alternative uses for the building.
7. Cost to Martin County:
Maintenance of the vacated premises
On November 27, 2001 the District Board of Trustees of Indian River Community College (IRCC), now Indian River State College (IRSC) and Martin County entered into a Lease Agreement for construction of a satellite site in Indiantown. The initial Lease term was for ten (10) years with four (4) additional terms of twenty (20) years each, with a final renewal option of nine (9) years for a potential total term of ninety-nine (99) years. The Lease Premises was solely and exclusively for the construction of an educational facility to be utilized as a satellite office for IRSC.
In June 2011, IRSC exercised their first option to renew for 20 years...
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