For the past year the city leased part of the Old Post Office to a video production company that has grown steadily.
Of particular benefit to New Port Richey is the innovation and production management experience that surrounds this firm. Its expertise is online video production and distribution. Several local organizations have already benefited, such as West Pasco Chamber of Commerce; as well as live broadcasting of city events and festivals.
Of significant importance is that the firm has engaged many of the city's young adults. They teach and involve them hands-on in programing, technology, engineering, creative content and graphic design.
This lease will allow the firm to expand and further strengthen their business model and continue to bring fresh talent to the city, which is the goal of the business incubator.
The one-year, renewable lease will involve 75% of the old post office space with shared use of the classroom and conference room. The agreed upon rent rate equates to $7/USF.
The remaining space will be occupied by New Port Richey Main Street, the Main Street Program Director, and Hacienda developer. The lease will substantial subsidize the operating cost of the facility, yet continue to operate in a fashion that is beneficial to the business community and various stakeholder organizations that have needed a place to meet on occasion.
RECOMMENDATION:
Approval of the lease agreement.
BUDGET / FISCAL IMPACT:
- $36,000 in rent revenues to the CRA
- 75% reduction in utilities costs of the facility.
- $50,000 saving in budgeted professional fees.