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IDA approves amended lease allowing Debut Development to expand and build second structure
Summary
The board authorized changes to Debut Development’s lease to allow light manufacturing and warehousing uses, permit a second building at Debut’s cost, clarify move-out timelines, exclude the second building from future purchase appraisals, and permit staff to add language addressing title/mortgage considerations.
The Hardee County Industrial Development Authority on Wednesday approved amendments to a lease‑purchase agreement with Debut Development to accommodate the company’s expansion at the county business park.
During a staff presentation, economic development staff said Debut has outgrown its current facility and the amendments broaden the permitted use language to allow “light manufacturing and warehouse” uses so the company can expand without falling out of compliance. The agreement also will allow Debut to construct a second building at its own expense, using the same architects, engineers and construction manager. Debut will enter into a separate contract for the second building’s costs.
IDA staff clarified the amendments exclude the second building from the appraised value used to calculate Debut’s option to purchase the property. The lease also will explicitly set the move timeline: Debut will have 20 days after issuance of the certificate of occupancy (CO) on the new facility to vacate the existing premises, plus an additional 20 days to complete the move. Two exhibits defining landlord and tenant work were added to the agreement.
Board members raised questions about mortgage and title implications if the second building is financed by a third party. Staff said they would add language to address whether the second building is affixed real property or treated as personal property, and to address mortgage relationships. The motion approved includes authorization for staff to make those clarifying edits before final execution.
The board approved the updated lease agreement and authorized the chair or vice chair to sign the amended document in substantially similar form.
