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Seventh Addendum to Ground Lease Agreement With Press Properties, LLC, to Facilitate Record Storage for State Attorney's Office
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BRIEF OVERVIEW
The State Attorney's Office has a need for additional records storage that cannot be facilitated at the Records Storage Building on Jefferson Street. The storage records were moved several years ago and are currently stored at the Ponce De Leon address. The 6th Addendum of current Ground Lease, which has been mutually agreed to by both parties is currently under a limited time extension.
Both parties agree with the original terms and conditions within the former ground lease agreement with the exception of a 3% increase in rent. The Lessee’s base monthly rent shall increase 3% percent above the last year of the Sixth Addendum to Ground Lease Agreement ($826.88) rounded to the nearest dollar. The new monthly rent will be $852.00 monthly, beginning with the June 14, 2025, rent payment. On each annual anniversary of the Seventh Addendum to Ground Lease Agreement, the rent shall increase automatically by three (3) percent of the base rent, rounded to the nearest whole dollar.
Staff recommends the updated terms and conditions of the Seventh Addendum to Ground Lease Agreement with Press Properties, LLC be approved.
FINANCIAL IMPACT
Funds are available in General Fund 0011-State Attorney 02394-5304405 Rentals/Lease-Buildings.
LEGAL NOTE
Hernando County must provide storage for the State Attorney's Office, pursuant to Section 29.008 of the Florida State Statutes.
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RECOMMENDATION
After reviewing the proposed document and determining that the Seventh Addendum to the original ground lease agreement is fair and reasonable, it is recommended that the Board approve and authorize the Chairman’s signature on the Seventh Addendum to Ground Lease Agreement.