02-28-2012 Special School Board Meeting
Agenda Item #34


Title
Edgewood Parking Compound 3 Year Lease Agreement Extension Renewal

Discussion

Since May 1997, the Office of Transportation Services has leased from the Juster Development Company in Tarrytown, New York a bus parking area sufficient to house 50 school buses.  This area is fenced, lighted and complete with a driver support building.  The property is located off Edgewood Drive between Merritt Avenue and Palmetto Avenue in Merritt Island.  The current lease expires April 30, 2012.  The property lease is necessary due to very limited bus parking space at the Central bus compound in Cocoa.  In addition, the parking area significantly reduces expensive deadhead mileage that would otherwise be necessary if buses servicing the schools of Merritt Island were dispatched from a more distant bus parking location, such as the one in West Cocoa.  The terms of the lease agreement extension are for an additional 3 years at $9000.00 per year.  See chart below for details related to payment history:

 

Annual Amount

% of Increase

May 1997 thru  February 2000

$6,000.00

N/A

April 2000 thru  April 2003

$6,000.00

No Change

May 2003 thru  April 2006

$7,200.00

+ 20%

May 2006 thru  April 2009

$7,920.00

Lease Date

May 2009 thru  April 2012

$8,500.00

+7.32%

May 2012 thru  April 2015

$9,000.00

+5.88%

If approved, the agreement extension will expire in April 2015.  Equivalent alternative bus parking arrangements are currently unavailable on Merritt Island. 



Recommendation
Approve the Edgewood Parking Compound 3 Year Lease Agreement Extension Renewal.

Meeting Date(s)
Information - 2/28/2012
Consent after Information3/13/2012

Authority for Action
Florida Statute 1010.04

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Operating - Other

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program
139000.009000.0010093400010027800360000
149000.009000.0010093400010027800360000
159000.009000.0010093400010027800360000

Contact

Mike Connors, Director of Transportation 633.3680

Judy  Preston,  Associate Superintendent of Financial Sevices, x600




Attachment:  lease extension_edgewood.pdf