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Ground Lease Agreement With R&R Garage Doors, Inc., for Improvements Located at 16050 Aviation Loop Drive at Brooksville-Tampa Bay Regional Airport
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BRIEF OVERVIEW
The previous Lessee, K&V Real Estate, LLC defaulted on their Lease due to the administrative dissolution of the Lessee by the Florida Department of State, Division of Corporations. R&R Garage Doors, Inc., the tenant located at 16050 Aviation Loop Drive at the Brooksville-Tampa Bay Regional Airport is currently operating under a Limited License and Right of Entry Agreement and would like to enter into a long-term lease agreement with the County for the improvements at 16050 Aviation Loop Drive containing approximately 45,000 square feet (mol). The lease agreement is for a term of twenty-five (25) years with two (2) additional 5-year options under the same terms and conditions.
FINANCIAL IMPACT
During the first Five (5) years the Airport will recognize annual revenue as follows: Year One - $8,100.00, Year Two - $9,000.00, Year Three - $9,900.00, Year Four - $9,900.00 and Year Five - $9,900.00 in Account 4311-07411-3620054 - Lease-Non-Aviation.
LEGAL NOTE
Reviewed and approved for form and sufficiency by the County Attorney’s Office. The Board is authorized to act on this matter pursuant to Chapter 125, Florida Statute.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached ground lease agreement between Hernando County and R&R Garage Doors, Inc.