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Title: RE1. Survivors Charter Conditional Acceptance and Assumption of Lease Recommendation:
I recommend the School Board approve the Conditional Acceptance and Assumption of Lease with 1310 Congress Partners, L.L.C. for facility located at 1310 Congress Avenue, West Palm Beach, Florida; and authorize the Chairman and Superintendent to sign all necessary documents.
Description:
- The leased facility at 1310 North Congress Avenue is the location of the Survivors Charter School West Palm Beach Campus.
- 1310 Congress Avenue, (Lessor) and Survivors Charter School, Inc. (Lessee) entered into a Lease Agreement on July 5, 2001 for 15,500 sq. ft.
- The initial terms of the Lease is for a ten (10) year period with a base annual rent for year 2 of $232,500 ($15.00 per sq. ft. Triple Net) with a 4% increase over Annual Minimum Rent.
- There is a separate agreement with the Landlord for the use of a non-contiguous parking area for $1,000.00 a month needed for additional student and teacher parking.
- The Lessor requested assurance from the School Board to assume the Lease during the pendancy of Survivors’ appeal of the School Board’s termination of their Charter and, in the event the School Board prevails, for the remaining term of the Lease.
- In the event Survivors Charter shall be reinstated as lessee under the Lease, the School Board shall have no further obligation or liability associated with the Lease.
Financial Impact:
The Financial Impact for the remainder of Fiscal Year ‘06 is $105,000.00. The Financial Impact for the remaining 5 years of the lease is estimated at $328,500.00 per year.
For Additional Information, contact:
Joseph M. Moore ( moorej@palmbeach.k12.fl.us)
Joseph M. Sanches
Attachments (list):
Survivors Charter School-Checklist 040506.pdf
RE1 Survivor Charter-Conditional Acceptance & Assumption.pdf
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