Broward County Commission Regular Meeting
Director's Name: Lary S. Mahoney
Department: Public Works Division: Real Property and Real Estate Development
Information
Requested Action
title
MOTION TO APPROVE Second Amendment to Lease Agreement between Broward County (County) and Ivy Tower 101 Property, LLC (Landlord), to extend the term of the lease for an additional 14-month period beginning November 25, 2024, update certain notice requirements, and update the base rent schedule, for approximately 12,920 square feet of office space at Tower 101 located at 101 NE 3rd Avenue in Fort Lauderdale; and authorize the Mayor and Clerk to execute same. (Commission District 4)
body
Why Action is Necessary
Board of County Commissioners' approval is required to approve and execute lease agreements and amendments to lease agreements.
What Action Accomplishes
Provides the County with an amendment to the Lease Agreement for Tower 101 to extend the term of the lease for an additional 14-month period beginning November 25, 2024, update certain notice requirements, and update the base rent schedule.
Goal Related Icon(s)
☐County Commission
☐Go Green
☐MAP Broward
Previous Action Taken
None
Summary Explanation/Background
PUBLIC WORKS DEPARTMENT/REAL PROPERTY AND REAL ESTATE DEVELOPMENT DIVISION RECOMMENDS APPROVAL OF THE ABOVE MOTION.
On March 18, 2014 (Item No. 3), the Board of County Commissioners approved the Lease Agreement between County and Tower 101 Associates, LLC (“Tower”), for approximately 12,920 square feet of office space at Tower 101 located at 101 NE 3rd Avenue in Fort Lauderdale, Florida. On January 8, 2016, Tower assigned the Lease Agreement to Landlord, and provided notice of such assignment to County.
The Lease Agreement was amended by First Amendment, dated July 23, 2019 (“First Amendment”) to extend the lease for an additional five-year period.
The term of the Lease Agreement expires on November 24, 2024. The proposed Second Amendment will extend the term of the Lease Agreement for an additional 14 month period beginning November 25, 2024, update certain notice requirements, and update the base rent schedule.
The Second Amendment has been reviewed and approved as to legal sufficiency by the Office of the County Attorney.
Source of Additional Information
Lary S. Mahoney, Director of Real Property and Real Estate Development, Public Works Department, 954-357-7357
Trevor M.A. Fisher, P.E., Director, Public Works Department, (954) 357-6410
Stacy Ritter, Director, Greater Fort Lauderdale Convention & Visitors Bureau, (954) 767-2453
Fiscal Impact
Fiscal Impact/Cost Summary
The funds for leasing this property will be allocated to the Visit Lauderdale Fund budget. The cost of the lease for the initial 12 months is $355,300 and $59,216.66 for the following two months, for a total amount of $414,516.66.