CITY COUNCIL AGENDA ITEM
Memo Date: September 27, 2024
Agenda Date: October 8, 2024
Prepared By: Samantha Senger, Director of Communication and Economic Development
Through: Stockton Whitten, City Manager
Requested Action:
title
Council approval of a 3% increase in rent for the tenants at the Porcher House.End
body
BACKGROUND:
There are three tenants that rent office space at the Porcher House. The annual lease agreements are up for renewal for the term of October 1, 2024 through September 30, 2025.
Previous 3 years:
2021/22: 15% Increase
2022/23: 3% Increase
2023/24: 3% Increase
Staff is proposing to increase the rent for the upcoming renewal period 3% once again. Below is the proposed increase.
Note that the sales tax rate is the current sales tax rate and is subject to change annually, or more often, per the Florida Department of Revenue.
The City Manager is authorized to sign the renewal agreements per the current terms of the agreement. All increases in rent have been previously approved through Council.
Comparable prices in the Cocoa Village area:
• Harrison Street: 1,100 sq ft, $2.50 monthly cost per sq ft
• Brevard Avenue: 1,528 sq ft, $1.83 monthly cost per sq ft
STRATEGIC PLAN CONNECTION:
Investment in Public Infrastructure
BUDGETARY IMPACT:
Tenant lease payments are recorded as revenue and budgeted each year.
PREVIOUS ACTION:
Council approved a 3% increase in rent for the FY23/24 renewal period.
RECOMMENDED MOTION:
Recommendation
Council approval of a 3% increase in rent for the tenants at the Porcher House.