PLACEMENT: Consent
TITLE:
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A REQUEST FOR A FOURTH AMENDMENT TO LEASE AGREEMENT WITH THE CHILDREN'S MUSEUM OF THE TREASURE COAST, INC. FOR THEIR FACILITY AND LEASED AREA AT INDIAN RIVERSIDE PARK IN JENSEN BEACH
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EXECUTIVE SUMMARY:
executive summary
This is a request for the approval of a Fourth Amendment to Lease Agreement between Martin County and Children's Museum of the Treasure Coast, Inc. (Children's Museum), to clarify requirements under the Lease relating to the Children's Museum's responsibilities for payment to the County of Common Area Maintenance (CAM) and to amend the boundary of the Additional Premises added under the Third Amendment to Lease Agreement.
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DEPARTMENT: Public Works
PREPARED BY: Name: Carla T. Segura, FRP
Title: Real Property Manager
REQUESTED BY: Todd Foust, Assistant Director, Parks and Recreation
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
1. Amendment drafted by:
Martin County
2. Parties to the Amendment:
Martin County - Lessor
Children's Museum of the Treasure Coast, Inc. - Lessee
3. Purpose of the Amendment:
To clarify requirements under the Lease relating to the Children's Museum's responsibilities for payment to the County of Common Area Maintenance (CAM) and to amend the boundary of the Additional Premises added under the Third Amendment to Lease Agreement
4. New/Renewal/Modification:
Modification
5. Duration:
Lease termination date of August 8, 2060, with the option to extend the Term for two (2) additional ten (10) year terms
6. Benefits to Martin County:
Provide a community children's hands-on interactive museum with programs in art, math, science and technology
7. Cost to Martin County:
Administrative costs
In 2005, the Children's Museum entered into a 25-year Lease with the County to lease the former Chapel/Auditorium at Indian Riverside Park (IRSP). In 2012, the Lease Agreement was amended by First Amendment to add additional l...
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