PLACEMENT: Consent
TITLE:
title
APPROVAL OF A SECOND AMENDMENT TO LEASE AGREEMENT WITH HOBE SOUND-1 LLC, FOR THE CONTINUED USE OF THE CONSOLIDATED SATELLITE OFFICE SPACE CURRENTLY USED BY THE CONSTITUTIONAL OFFICES IN HOBE SOUND
end
EXECUTIVE SUMMARY:
executive summary
Approval of the Second Amendment to the Lease Agreement with Hobe Sound-1, LLC, a Florida limited liability company (Landlord), to add a five year extension to the current lease agreement terms for the continued use of the satellite office space utilized by the Constitutional Offices in Phase II of Island Crossings in Hobe Sound.
body
DEPARTMENT: Public Works
PREPARED BY: Name: Carla T. Segura, FRP
Title: Real Property Manager
REQUESTED BY: Sean Donahue, General Services Director
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
1. Lease Amendment prepared by:
Martin County
2. Parties to the Amendment:
Hobe Sound-1, LLC - Landlord
Martin County - Tenant
3. Purpose of the Amendment:
Extend the existing lease 5 years to provide the County reasonable time to review other options.
4. New/Renewal/Modified:
Modified to extend lease
5. Duration:
5 years (Nov. 1, 2026 thru Oct. 31, 2031)
6. Benefits to Martin County:
Provide uninterrupted services to the south county area and provide time to evaluate other options in the area.
7. Cost to Martin County:
Annual minimum triple net rent of $166,907.40 + insurance and CAM fees
In 2004, Martin County originally entered into a ten (10) year lease with two (2) five-year extensions, for a 7,600 sq. ft. office space, in Phase II of Island Crossings. Due to buildout timelines for improvements, the lease didn't officially start until 2006.
In 2016, a First Amendment to Lease Agreement was approved exercising the option to extend the original term for 5-years through October 31, 2021. The second extension was exercised, through a written approval in 2021, extending the term for an additional 5 years through October 31, 2...
Click here for full text