Broward County Commission Regular Meeting
Director's Name: Joseph Morris
Department: Port Everglades Division: Business Development
Information
Requested Action
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MOTION TO APPROVE Lease Agreement between Broward County and Florida International Terminal, LLC, for 3,095 square feet of office space consisting of Suite 403 of the Port Administration Building, located at 1850 Eller Drive in Port Everglades, for a one-year term, commencing on December 1, 2025, with four one-year renewal terms; and authorize the Mayor and Clerk to execute same.
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Why Action is Necessary
Broward County Board of County Commissioners’ approval is required for leases in which the term exceeds one year.
What Action Accomplishes
Approves the Lease Agreement between Broward County and Florida International Terminal, LLC, for 3,095 square feet of office space at Port Everglades.
Goal Related Icon(s)
☒County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None.
Summary Explanation/Background
THE PORT EVERGLADES DEPARTMENT RECOMMENDS APPROVAL.
This action supports the Broward County Board of County Commissioners’ (“Board”) Value of “Building partnerships and working collaboratively with others to meet shared objectives,” and the Goal of “Ensuring economic opportunities and a sustainable economy, with an emphasis on Broward’s lower and middle class.”
Florida International Terminal, LLC (“FIT”), operates a marine terminal in the Southport area of Port Everglades and has been a tenant in Suite 403 of the Port Administration Building at 1850 Eller Drive since 2023 (see Exhibit 2 map). Its current lease expires on November 30, 2025. The primary business terms of the new lease agreement are summarized as follows:
• Term: Establishes an initial one-year term beginning December 1, 2025, with four optional one-year renewal terms. Each renewal must be requested by FIT at least
60 days before the expiration of the then-current term, and approved by the Port Everglades Chief Executive/Port Director to be effective.
• Premises: 3,095 square feet of office space consisting of Suite 403 of the Port Administration Building.
• Rent: The proposed rent schedule increases from the current rent of $32.04/ sq ft to $33.00/ sq ft for Lease Year 1. The rate for the renewal terms will be increased by the greater of the percentage change in the Consumer Price Index-All Urban Consumers for the Miami-Fort Lauderdale area or 3%.
The Lease Agreement authorizes the Chief Executive/Port Director to execute amendments that modify the leased premises (with corresponding rate adjustments, as applicable) and/or update Exhibit A (Maintenance and Repair Responsibilities).
The Lease Agreement has been reviewed and approved as to form by the Office of the County Attorney.
Source of Additional Information
Jorge A. Hernández, Director of Business Development, Port Everglades Department, (954) 468-3501.
Stacie Warren, Real Property Administrator, Business Development Division, Port Everglades Department, (954) 468-3706.
Fiscal Impact
Fiscal Impact/Cost Summary
The Port Everglades Department is projected to receive approximately $102,135 in rental revenue from FIT during the initial one-year lease term. Factoring an annual increase of 3% and if all four optional one-year extensions are exercised, the total estimated rental revenue would increase by an additional $440,114, resulting in a five-year total of approximately $542,249.