Title
Letters of Intent - Altavian, Inc. and University of Florida (B)
The City Commission review and approve business terms associated with Letters of Intent (LOI) from Altavian, Inc. and the University of Florida for available space at the Catalyst Building.
Explanation
As the City Commission is aware, the Catalyst Building located at 606 SE Depot Avenue has been vacant since the departure earlier this year of Prioria Robotics, Inc.
Staff has been working with Front Street to market the space and recently Letters of Intent (LOI) were presented on Altavian Inc.’s and UF’s behalf to Management with business terms that can be supported by staff.
Altavian, Inc., is a U.S. based Unmanned Aircraft System (UAS) engineering and manufacturing firm and originally spun out of the University of Florida as an officially licensed tech transfer startup company in 2011. The company designs and manufactures high quality drones to carry the best sensors into the toughest environments. The focus of the company is on systems that collect data with the highest integrity and accuracy.
Recently, Altavian, Inc. announced the award of a $250MM Indefinite Delivery, Indefinite Quantity contract with the US Army. Under the Program Executive Office Aviation, Products Office for Tactical Unmanned Aircraft (TUAS), Altavian will be supporting the largest small UAS program in the world.
The terms of the submitted Altavian, Inc. LOI are briefly as follows:
1) Three year lease term for approximately 10,000 square feet of 1st Floor Space in Catalyst Building.
2) Rent is $14 per square foot with an additional $2 per square foot for proportionate share of Common Area Maintenance (CAM).
3) Altavian will utilize the space for manufacturing of drones and office.
4) Issues such as signage, utilities and parking will be shared and managed with another tenant.
5) A lease will commence upon delivery of the premises estimated to be June 1, 2018
The intent of the UF LOI ...
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