PLACEMENT: Departmental
TITLE:
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CONSIDERATION OF OPTION TO LEASE WITH MARTIN COUNTY FAIR ASSOCIATION, INC.
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EXECUTIVE SUMMARY:
executive summary
The Board is requested to consider the Option to Lease and form Lease Agreement between Martin County and the Martin County Fair Association, Inc. (Association) for the site on SW Citrus Boulevard, adjacent to the Village of Indiantown.
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DEPARTMENT: Administration
PREPARED BY: Name: George M. Stokus
Title: Asst. County Administrator
REQUESTED BY:
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
1. Lease Documents Prepared By: Martin County and Association
2. Parties to the Lease Documents: Martin County, Lessor
Fair, Lessee
3. Purpose of the Lease Documents: To allow for the continuation of the Martin County fair and other expositions by the Fair at the SW Citrus Blvd. location
4. New/Renewal/Modified: New Option to Lease and a Public Purpose Lease Agreement
5. Duration: Option: Expires November 15, 2020
Lease: 40 Years with two renewal options of 10 years each
6. Benefits to Martin County: Option: Provides for assurances the Association will meet public benefit and investment thresholds at the new location
Lease: Current fairgrounds property on SE Dixie Hwy will be available for other uses
7. Cost to Martin County: None
In January 2019, the Board authorized entering into an Option to Lease (Option) to the Association the 107-acre County owned property on the north side of SW Citrus Boulevard east of the Village of Indiantown (Property), subject to final approval by the County Attorney's Office. The Board directed the Option will expire November 15, 2020, and the attached form Public Purpose Lease Agreement (Lease) will be for a term of 40 years with two renewal options of 10 years each. Due to the complexities and unique nature of this transition for the Association, staff is bringing the Lease Documents to the Board for fin...
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