Property Appraiser and Property Appraiser and Tax Collector Tax Collector Office Space Update Office Space Update August 5, 2014
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Property Appraiser and Property Appraiser and Tax CollectorTax Collector
Office Space UpdateOffice Space Update
August 5, 2014
• Background
• Summary of Options
• Discussions with SunTrust
• Stay vs. Lease & Move
• Next Steps
Presentation Outline
• Background
• Summary of Options
• Discussions with SunTrust
• Stay vs. Lease & Move
• Next Steps
Presentation Outline
Background
• Began Looking for permanent home over 18 months ago
• Presented Construction Options• Presented Lease Options• Presented Purchase Option
• Board Direction to Pursue Purchase
Background
• Purchase Option fell through • We will continue to search for other
sites• Timeline unknown• Both TC and PA have now said they
do not need to be located together
Background
• Construction Options still available•Within 3 to 5 years•Location to be determined
• Background
• Summary of Options
• Discussions with SunTrust
• Stay vs. Lease & Move
• Next Steps
Presentation Outline
Summary of Options
Build OptionsLocation to be determined
Lease Options SunTrust (49,307 SF)
Purchase Option3660 and 3670 Maguire
Summary of Options
Build OptionsLocation to be determined
Lease Options SunTrust (49,307 SF)
Purchase Option3660 and 3670 Maguire
• Background
• Summary of Options
• Discussions with SunTrust
• Stay vs. Lease & Move
• Next Steps
Presentation Outline
Discussions with SunTrust
•Negotiated a 5-year lease term
•$25.00/SF (2.75% escalator)
•Tenant Improvement allowance•$15/SF
•5 months free rent in year one
•$23.00/SF Effective Rate
•5-year cost - $6,000,000
•A 3-year renewal option was not offered
• Background
• Summary of Options
• Discussions with SunTrust
• Stay vs. Lease & Move
• Next Steps
Presentation Outline
Stay vs. Lease & Move
•Comparison to Lease/Move Costs
•50,000 SF X $17/SF = $ 850,000
•Tenant Build Out = $1,000,000
•Move Costs = $1,500,000
•Total Year One = $3,350,000
•Total Five Years = $6,990,500 (2.75% escalator)
Stay vs. Lease & Move
•5-Year Cost to Lease & Move
$6,990,500
•5-Year Cost of SunTrust
$6,000,000
•5-Year Savings $ 990,500
• Background
• Summary of Options
• Discussions with SunTrust
• Stay vs. Lease & Move
• Next Steps
Presentation Outline
Next Steps
Finalize discussions with SunTrust for a 5-year
renewal and bring the new lease to the Board for approval on August 19, 2014 Consent Agenda and continue to pursue purchase or build options during that timeframe
Property Appraiser and Property Appraiser and Tax CollectorTax Collector
Office Space UpdateOffice Space Update
August 5, 2014
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