HCPS FL Logo Facilities
Action Item
DATE: Tuesday, June 14, 2011
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS

Approve Amendment No. 1 to Parking Lease Agreement Between Tampa-Hillsborough Expressway Authority and The School Board of Hillsborough County for Parking Lots Adjacent to Raymond O. Shelton School Administrative Center

EXECUTIVE SUMMARY

On May 6, 2008, the School Board of Hillsborough County approved a Lease with the Tampa-Hillsborough County Expressway Authority for parking lots adjacent to the Raymond O. Shelton School Administrative Center.  These lots have been referred to by ROSSAC as "City Lots 1, 2 and 3" that contain 221 surface parking spaces.  The Lease contained four (4) additional and consecutive three (3) year extension periods and a rent adjustment on the Extended Term.

The Lease approved by the School Board in 2008 included an automatic extension period and adjustments to the base rental fees that went into effect on May 8, 2011.  However on May 23, 2011 the Expressway Authority requested that the School Board approve an amendment acknowledging the terms established in the renewal clause of the Lease for the period commencing May 8, 2011 through May 7, 2014.  The previous base rent for years 1 through 3 was $70,000 annually and has been adjusted for years 4 through 6 to $73,538.95.  The rental increase is based on the Consumer Price Index published for the nearest calendar month preceding the commencement of the Extended Term.

The approval of the Lease Amendment assures the School Board of continued and uninterrupted parking capacity for administrative and business purposes at the ROSSAC Building.

STRATEGIC OBJECTIVES
• Demonstrate best financial practices • Demonstrate "best practices" in all aspects of safety including students, employees, visitors, facilities, transportation, and health
FINANCIAL IMPACT (Budgeted:  Yes)

The Adjusted Base Rent of $73,538.95 annually for the 221 surface parking spaces is $27.73 per month per space, an increase of $1.33.  The funds for the Extended Term of the Lease will be derived from General Operating Funds.

EVALUATION
SUBMITTED BY:  Denise A. Taraschi, Property Specialist, Growth Mgmt. & Planning
Lorraine Duffy Suarez   Cathy L. Valdes
General Manager, Growth Management & Planning
(813) 272-4685
  Chief Facilities Officer
(813) 272-4004
    A 6.03
Hillsborough County Public Schools (Florida) * Mtg.#20110614_461 (Board Meeting) * Section A Item# 6.03