FACILITIESPENDING

Jackson County School District Commercial Lease Agreement May 2026

District Approves 25-Year Land Lease to Coastal Equipment

$4,000.00 per year, subject to periodic rent adjustmentOcean Springs School DistrictCOASTAL EQUIPMENT RENTAL LLCMay 11, 2026

Trusted by teams at

Description

Jackson County School District has entered into a 16th Section commercial land lease with Coastal Equipment Rental, LLC for approximately 0.69 acres in Jackson County at an initial annual rent of $4,000. The lease runs from May 11, 2026 through May 11, 2051, with rent subject to periodic fair market adjustments and an option for a second 25‑year term.

Contract Details

Contract Amount

$4,000.00 per year, subject to periodic rent adjustment

Vendor

COASTAL EQUIPMENT RENTAL LLC

Agency

Ocean Springs School District, MS

Contract Type

FACILITIES

Document Date

May 11, 2026

Contract Term

Primary term of 25 years from May 11, 2026 to May 11, 2051, with an option for one additional 25-year secondary term

Renewal Date

2051-05-11

Renewal Info

Lessee may renew for one additional 25-year secondary term beginning May 11, 2051 under the same terms and conditions except that rent will be reset to fair market value of the land (excluding non-lessor-owned improvements) based on an appraisal obtained 3–12 months before primary term expiration; lessee must provide 12 months’ written notice before May 11, 2051 and pay appraisal costs. Rent is also subject to adjustment on the 8th, 16th, 24th, and 32nd anniversaries of the lease start.