04-08-2014 Regular School Board Meeting
Agenda Item #52


Title
Lease Extension for South Area Adult Education Program

Discussion

The South Area Adult Education program has occupied 18,085 square feet of leased space in The Florida Marketplace, located at 1362 South Babcock Street in Melbourne, since 1999.  The current lease expires on June 30, 2014.

A five (5) year lease extension has been negotiated with the landlord with the following terms:

Lease Term: July 1, 2014 through and including June 30, 2019, contingent upon appropriation of funds.

Base Rent:

  • Year 1 = $  9.00/square foot/year
  • Year 2 = $  9.27/square foot/year
  • Year 3 = $  9.55/square foot/year
  • Year 4 = $  9.84/square foot/year
  • Year 5 = $10.13/square foot/year

Common Area Maintenance = $2.50/square foot/year, fixed

Total Lease Cost:

  • Year 1 = $207,977.50
  • Year 2 = $212,860.45
  • Year 3 = $217,924.25
  • Year 4 = $223,168.90
  • Year 5 = $228,413.55

Funding:  Adult Education categorical.

The School Board Attorney and the Director of Adult Education have reviewed and approved this addendum to the lease.

Attachment: Seventh Addendum to South Area Adult Education Lease



Recommendation

Approve the Seventh Addendum to the South Area Adult Education lease at The Florida marketplace to extend the lease for five (5) years, from July 1, 2014 through and including June 30, 2019, at a cost of $207,977.50 for Year 1, $212,860.45 for Year 2, $217,924.25 for Year 3, $223,168.90 for Year 4 and $228,413.55 for Year 5, contingent upon appropriation of funds.



Meeting Date(s)
Information - 4/8/2014
Consent after Information4/22/2014

Authority for Action
1001.42 F.S.

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Operating - Categorical

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program
14/15207,977.50 Yes1000207212007900360000
15/16212,860.45 Yes1000207212007900360000
16/17217,924.25 Yes1000207212007900360000
17/18223,168.90 Yes1000207212007900360000
19/19228,413.55 Yes1000207212007900360000

Contact

Dane Theodore, Assistant Superintendent / Facilities Services, 633-1000 x450

Jeff Arnott, Director, Adult Education, 633-3660 x198




Attachment:  Seventh Addendum to South Area Adult Education Lease.pdf