R2019-28 Community Development Department Office SpaceRESOLUTION 2019-28
A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA APPROVING A SECOND AMENDMENT
TO THE LEASE AGREEMENT WITH ICV NPB, LLC FOR EXISTING
SPACE WITHIN VILLAGE SQUARE PLAZA FOR USE BY THE
COMMUNITY DEVELOPMENT DEPARTMENT TO EXTEND THE TERM
AND AUTHORIZING THE MAYOR AND VILLAGE CLERK TO EXECUTE
THE SECOND AMENDMENT; PROVIDING FOR CONFLICTS; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, through the adoption of Resolution No. 2013-67 on December 12, 2013, the Village
Council approved a five-year Lease Agreement with ICV NPB, LLC to occupy two suites
totaling approximately 2,400 square feet for the Village's Community Development within
Village Square Plaza, located at 420 U.S. Highway One within the Village; and
WHEREAS, through the adoption of Resolution No. 2018-100 on November 8, 2018, the
Village Council approved an amendment to the Lease Agreement to occupy an additional suite
within the Plaza for the remainder of the lease term through March 31, 2019; and
WHEREAS, the Village and ICV NPB, LLC have agreed to execute a Second Amendment to the
Lease Agreement to extend the term an additional five years through March 31, 2024, and the
Village Council determines that the approval of the Second Amendment to the Lease Agreement
is in the best interests of the residents and citizens of the Village of North Palm Beach.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE VILLAGE
OF NORTH PALM BEACH, FLORIDA as follows:
Section 1. The foregoing recitals are ratified as true and incorporated herein.
Section 2. The Village Council hereby approves a Second Amendment to the Lease Agreement
with ICV NPB, LLC, a copy of which is attached hereto and incorporated herein by reference, to
extend the term for an additional five years. The monthly rent, exclusive of the adjustment for
real estate taxes and insurance, shall be $4,611.05 for the first year of the extended term.
Section 3. All resolutions or parts thereof in conflict with this Resolution are hereby repealed
to the extent of such conflict.
Section 4. This Resolution shall be effective immediately upon adoption.
PASSED AND ADOPTED THIS 28TH DAY OF MARCH, 2019.
(Village Seal)
ATTEST:
VILLAGE CLERK
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VMAYb�k
SECOND AMENDMENT TO LEASE AGREEMENT
THIS SECOND AMENDMENT is made and entered into this 19 +ay of
*L, ., 2019 to that certain Lease Agreement dated December 12, 2013 between
ICV4NPB, LLC., a Florida limited liability company having a place of business at 30 Main
Street, Suite 401, Burlington, Vermont (hereinafter referred to as "Landlord") and the
VILLAGE OF NORTH PALM BEACH, a municipal corporation organized and existing
under the laws of the State of Florida, with its principal place of business at 501 U.S.
Highway One, North Palm Beach, Florida (hereinafter referred to as "Tenant").
RECITALS:
WHEREAS, on December 12, 2013, the parties executed a Lease Agreement for the
leasing of Suites 18 and 21 (mistakenly identified as Suite 27 in Section 1(A) of the
Agreement but correctly identified in the Exhibit) at Landlord's multi -tenant retail shopping
center known as Village Square Plaza located at 420 U.S. Highway One, North Palm Beach,
Florida (hereinafter known as "Building"); and
WHEREAS, through the execution of a First Amendment to the Lease Agreement,
Tenant added Suite 16 of the Building, having approximately 878 rentable square feet
("Expansion Space"), to the existing Lease Agreement of approximately 2,400 rentable
square feet; and
WHEREAS, the Lease Agreement shall expire on March 31, 2019 and there is
currently no option for renewal to extend the term of the Lease Agreement; and
WHEREAS, the Landlord and Tenant wish to extend the Term of the Lease.
NOW THEREFORE, in consideration of the mutual covenants set forth in the Lease
Agreement and this First Amendment and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, Landlord and Tenant agree as follows:
The above recitals are true and correct.
2. Landlord and Tenant agree to extend the term of the Lease Agreement for an
extended term of five (5) years commencing April 1, 2019 and expiring on March 31, 2024.
3. The Demised Premises shall consist of Suites 18, 21 and 16 of the Building,
with a combined rentable square footage of approximately 3,278 square feet.
4. The monthly Base Rent for the first year of the extended Term shall be
$4,611.05. The rent shall be increased in the second (2°d) year on the anniversary of the
commencement date, and each subsequent year of the extended tern by three ( 3%) annually.
5. Tenant shall pay monthly an adjustment for Real Estate Taxes and Insurance
over the Base Year of 2014 for extended term of the Lease.
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6. All other terms of the Lease Agreement, to the extent not expressly not
modified herein, shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have signed this First Amendment the day
and year cited above.
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Witness
itness
Attest:
Village Clerk
Approved as to Form
and Legal Sufficiency:
Village Attorney
ICV NPB LLC
By C�r�
Paul Sprayregen, Managing Member
VILLA OF NORTH PALM BEACH
By
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ayor
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