AGENDA MEMORANDUM

Meeting Date:           April 25, 2011

From:                          Ken Thomas, Director of Economic Development & Housing                     

Subject:                      Resolution authorizing a lease agreement with  Black Tie Real Estate & Investments, Incorporated for office space at the Leesburg/Lake County/UCF Incubator

Staff Recommendation:

Staff recommends approval of the lease agreement with Black Tie Real Estate & Investments, Incorporated to lease space at the Business Incubator for a three-year term. 

Analysis:

The Business Incubator currently has two available offices for new and emerging businesses that will provide services or a product to our community.  Black Tie Real Estate is applying to occupy one of those spaces.  Black Tie has been in operation for only one year, and its primary operation is real estate.  The company will be allowed to operate in the business incubator for a three year period.

The owner has completed the University of Central Florida Excellence in Entrepreneurship course and plans to hire five new employees over the next twelve months. 

Options:

1.  Approve the three-year contract between Black Tie Real Estate & Investments, Inc and the City   of Leesburg for lease space; or

2.  Such alternative action as the Commission may deem appropriate.

Fiscal Impact: 

The lease term will generate $11,400 over the life of the agreement. 

Submission Date and Time:    4/20/2011 5:12 PM____

Department: ______________________ Prepared by:  ______________________                      Attachments:         Yes____   No ______ Advertised:   ____Not Required ______ Dates:   __________________________                      Attorney Review :       Yes___  No ____ _________________________________            Revised 6/10/04

Reviewed by: Dept. Head ________ Finance  Dept. _________JB_______                                    Deputy C.M. ___________________                                          Submitted by: City Manager ___________________

Account No. _001-0000-362-0100__ Project No. ___________________ WF No. ______________________ Budget  ______________________ Available _____________________

RESOLUTION NO._______________

A RESOLUTION OF CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE MAYOR AND CITY CLERK TO EXECUTE A LEASE AGREEMENT WITH  BLACK TIE REAL ESTATE & INVESTMENTS, INCORPORATED FOR OFFICE SPACE AT THE LEESBURG INCUBATOR; AND PROVIDING AN EFFECTIVE DATE.

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

            THAT the Mayor and City Clerk are hereby authorized to execute an agreement  with Black Tie Real Estate & Investments, Incorporated whose address is 2004 Otter’s Pond Road, Fruitland Park, Florida 34731 for a three year lease agreement.

 THAT this resolution shall become effective immediately.

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _25th____ day of __April_______ 2011.

                                                                            __________________________

                                                                             Mayor

ATTEST:

___________________________________

City Clerk