THIRD AMENDMENT TO LEASE AGREEMENTTHIRD AMENDMENT TO LEASE AGREEMENT
THIS THIRD AMENDMENT TO LEASE AGREEMENT ("Third Amendment") is made and
entered into on this i day of , 2025, by and between the City of
Clearwater, Florida ("City"), a municipal corporation of the State of Florida, whose address is
Attn: Parks & Recreation Director, Post Office Box 4748, Clearwater, Florida 33758-4748; and the
Clearwater Golf Club, LLC ("Club"), a Florida Limited Liability Corporation, whose address is 525
Betty Lane North, Clearwater, FL 33755 (each individually referred to herein as "Party" or
collectively as the "Parties").
WHEREAS, the Parties entered into the Lease Agreement ("Lease") on April 26, 2011,
wherein the City leased the Clearwater Country. Club ("Leased Premises") to the Club for the
Club to oversee operations and maintenance of the Golf Course.
WHEREAS the Parties entered into the First Amendment to Lease Agreement_on
November 20, 2012 to amend the insurance obligations of the Parties.
WHEREAS, the Parties entered into the Second Amendment on January 24, 2022 to
amend the term of the lease and capital investments by the Club.
WHEREAS, the Club has been faithful to comply with all of the provisions of the Lease.
WHEREAS, since 2011, the Club has invested more than $2,000,000.00 in upgrades and
improvements to the Golf Course property and buildings in accordance with the Lease.
WHEREAS, -the Club has created a much -improved asset for the City and provided
excellent golfing and recreational opportunities and programs for residents and visitors to
Clearwater.
WHEREAS, replacement and or upgrade of all cart path bridges crossing Stevenson Creek
are necessary within the next several years.
WHEREAS, the Club is willing to make the additional upgrades and replacement of
bridges within the next five years and in exchange for these additional upgrades and
improvements, the City is willing to extend the Lease for an additional 10 years during which
time the payment to the city will increase from 3% to 4% of gross revenue.
WHEREAS, the additional upgrades and improvements are in the public interest,
necessary to maintain the City property asset, and beyond the normal routine maintenance
obligations of the Club.
NOW THEREFORE, in consideration of the mutual promises contained herein and other
good and valuable consideration, the Parties agree that the above terms, recitals, and
representations are true and accurate and are incorporated herein by reference, and the Parties
agree as follows:
1) Section 1. RECITALS, GRANT OF LEASE, TERM DESCRIPTION is hereby amended as
follows:
1. The foregoing recitals are true and correct and are incorporated in and form a
part of this Agreement.
That for and in consideration of the covenants to be kept and maintained by the
Club and the mutual benefit to the parties, the City does hereby lease and let unto the
Club, its successors and assigns, subject to the terms and conditions hereinafter set
forth, that certain real property located in the City of Clearwater, Florida, more
particularly described in Exhibit "A" ("Golf Course Parcel") and Exhibit "B" (Clubhouse
Parcel") attached hereto and incorporated hereby by reference. The term of this lease
shall be for a period of forty (40) thirty (330) years, commencing May 1, 2011 and ending
April 30, 20451, unless sooner terminated by the provisions hereof. -
2) Section 5. CAPITAL IMPROVEMENTS is hereby amended as follows:
1. As a condition precedent to the continuation of this lease, and -the right -of
the Club to remain in occupation of Leased Premises, the Club shall construct
the following upgrades to the course, clubhouse and support facilities during
the term of this lease in accordance to the schedule as noted:
a) During the first year of this lease, the Club, as its sole expense
will:
1. Renovate the irrigation systems, pumps, motors, OSMAC to
bring it up to first class golf course standards. Approximate
value of $100,000. _-_ . - _
2. Renovate all bunkers and greens to improve drainage.
Approximate value of $50,000.
3. Renovate the driving range to include new landscaping,
sod and artificial turf. Approximate value of $50,000.
4. Renovate parking lot to include new landscaping and
resurfacing. Approximate value of $50,000.
b) During the second year of this lease, the Club, at its sole
expense will:
1. Renovate Clubhouse including dining and public areas.
Approximate value of $175,000.
2. Renovate and upgrade mechanical system for all buildings.
Approximate value of $160,000.
c) During the third year of this lease, the Club, at its sole expense
will:
1. Replace two pedestrian bridges. Approximate value of
$75,000.
2. Replace and renovate cart paths. Approximate value of
$75,000.
3. Construct new maintenance building of 5,000 sq. ft.
Approximate value of $175,000.
d) During the fourth year of this lease, the Club, at its sole
expense will:
1. Renovate or replace restrooms on course. Approximate.
value of $40,000.
2. Upgrade course maintenance equipment. Approximate
value of $200,000.
e) During the twelfth to sixteenth years of this lease, the Club, at
its sole expense will:
1. Convert the grass on the tees, driving range, and fairways
to Platinum Paspalum' replace the cart paths; provide
capital improvements to the parking lots, pedestrian `
bridges (#4 and 8), HVAC systems, and clubhouse.
Approximate value of $1,200,000. __ __-. _
f) During the fifteenth to twentieth years of this lease the=Glub
at its sole expense will:
1. Repair or replace cart path bridges #1, #2, #3-;=#5; #7=and:
#9.
2. Repair or replace maintenance bridge #6.
All such renovations and construction shall be made in accordance with plans
submitted to and approved by the City. Said plans shall be submitted -with -_,",_1_ -==
reasonable time to allow for the City's review. Failure to complete
renovations as planned shall be a material breach of this Lease for which=the=City
may immediately terminate the Lease and re-enter the property in accordance
with Florida law.
3) Section 18. RENTAL is hereby amended as follows:
1. Commencing May 1, 2011 the Club shall pay annually to the City, as rental for
the premises and the City agrees to accept three percent (3%) of the gross
revenues through April 30, 2041 and four percent (4%) for all remaining years
in the contract (May 1, 2041 to April 30, 2051), plus applicable sales tax, and
any other taxes applicable to the Club's occupancy, such as personal property
taxes or ad valorem taxes.
The term "Gross Revenues" as used in this Lease is defined as the total -amount
of actual gross revenues received by the Club, its assignees, subtenants, -
concessionaires or licensees (as applicable) for all merchandise sold or services
performed in or from the Leased Premises, whether for cash or other
consideration or on credit; excluding discounts or allowances made to customers
for which no payment is received by the Club and the amount of any tax payable
by reason of such sales or service under applicable tax law, which taxes are billed
as a separate item by the Club to the purchaser. Gross Revenues shall include,
but not be limited to: golf andsocial- membership dues and initiation fees; green
fees; cart fees; food, beverage, and merchandise sales; clubhouse rental; and any
other revenues. Said rental payment shall be continued in the same amount
unless modified in writing by the parties following extension negotiations.
IN WITNESS WHEREOF, -the Parties have executed and. deliveredthisSecond Amendment. _
the day and year first above written.
CLEARWATER GOLF CLUB, LLC
Printed Name:
Chief Executive Officer
Countersigned:
Approved as to form:
Melissa Isabel
Assistant City Attorney
CITY OF CLEARWATER, FLORIDA
Jennifer Poir-rier- -
City Manager
Attest:
Rosemarie Call
City Clerk