City of Sanford staff told commissioners Sept. 8 they are negotiating an assignment and extension of the existing land lease for the Trailhead building at 350 Seminole Boulevard and will bring a formal consent item to the commission when the buyer’s financing is complete. The leaseholder, identified in the presentation as Calamidio, is selling the property and the prospective buyers have asked to assume the existing lease and to extend its term for financing purposes.

Brent Radzak, assistant city manager, and the city attorney’s office said the current plan is to assign the existing lease and to increase the land-lease payments. Radzak said the buyers have requested an extension of the lease term “to 2100 for financing purposes,” and staff has tentatively agreed to a stepped payment schedule: fixed rents for the first three years and CPI-based increases thereafter.

Why it matters: an assignment and extended term would ensure the buyer can show a long-term land lease to lenders, but it also locks in below-market or modified terms over many years unless the commission imposes different conditions. Staff said they will present the assignment for formal commission approval once the buyer’s financing and paperwork are complete.

What happened at the work session: Radzak summarized ongoing discussions with the existing tenant and potential buyers and asked the mayor and commissioners if they had objections to staff moving the assignment forward. No formal motion or vote was taken during the work session; staff said they will return the item to a future meeting once the assignment paperwork is complete.

Next steps: staff will prepare the lease-assignment item and present it to the commission for official approval. The commission will retain final authority to accept, reject, or attach conditions to the assignment when the item is placed on a public agenda.