TO: Honorable Mayor & Members of the North Port Commission
FROM: Peter D. Lear, CPA, CGMA, City Manager
TITLE: Family Service Center Tenant Lease Agreement with Literacy Volunteers of South Sarasota County (LVSSC) for Suite B, in the amount of $7,196.04 annually.
Recommended Action
Approve the Family Service Center Tenant Lease Agreement with Literacy Volunteers of South Sarasota County (LVSSC) in the amount of $7,196.04 annually.
Background Information
Suncoast Technical College notified the City that they will be vacating Suite B by October 23 due to the new college being opened. With this impending vacancy, Literacy Volunteers of South Sarasota County, who is currently leasing Suite B111, has requested to end their current lease and enter into a new lease for Suite B upon Suncoast Technical College relocation.
The term of this Agreement shall be one (1) year, commencing on November 1, 2017 and terminating on October 31, 2018 (“Initial Term”). After the Initial Term, unless otherwise terminated, this Agreement shall renew from year-to-year thereafter, provided that in no event shall this lease extend for more than a five (5) year term. The lease agreement will provide 514 square feet of furnished office space for Suite B in the Family Service Center at a cost of $14/sq. ft. for an annual lease of $7,196.04 or 12 monthly payments of $599.67.
This lease agreement has been reviewed and approved for form and correctness by the City Attorney’s Office.
Strategic Plan
Financially Responsible City Providing Quality Municipal Services
Financial Impact
Revenue generated from the annual Tenant Lease Agreement is $7,196.04.
Procurement
N/A
Attachments:
1. Tenant Lease FSC Literacy Volunteers of Sarasota County SUITE B
2. LVSSC - Suite B111 lease
Prepared by: Janet Carrillo
Department Director: Sandy Pfundheller