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Interlocal Ground Lease Agreement With Renewal Options With Pasco-Hernando State College for Property on Spring Hill Drive (Key # 1711188)
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BRIEF OVERVIEW
Hernando County owns approximately 9 acres of an unimproved parcel that is located on Spring Hill Drive, adjacent to the Brooksville-Tampa Bay Regional Airport.
The Hernando Board of County Commissioners, and Pasco-Hernando State College share an interest in developing a plan for the Spring Hill Drive parcel that would allow them to co-locate the government center and the corporate college.
The attached Interlocal Ground Lease Agreement with Renewal Options with Pasco-Hernando State College ground lease shall be fifty (50) calendar years, commencing on the date of execution of this Lease Agreement (the commencement date), and shall end on the day immediately preceding the 50th anniversary of the Commencement Date fifty (50) years hence (the expiration date) unless sooner terminated or renewed. The rent shall be $1.00 per year for the term of the lease, including lease renewals.
Attached for the Board’s approval is the Interlocal Ground Lease Agreement.
FINANCIAL IMPACT
There is no financial impact.
LEGAL NOTE
Reviewed and approved for legal sufficiency by the County Attorney’s Office. The Board is authorized to act upon this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached Interlocal Ground Lease Agreement with renewal options with Pasco-Hernando State College.