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The existing lease expires December 31, 2011 unless: 1) previously terminated as provided in the lease <br />agreement; or 2) the HRA delivers written notice of non-renewal to Arts Alliance on or before July 1, <br />2011. The ERAA has submitted a letter indicating their desire to occupy the building through December <br />31, 2013. Because of the unclear need for parking and maintenance costs, the HRA indicated they would <br />prefer a one year lease. Tonight, the HRA will be considering renewing the lease at a one year term (to <br />expire December 31, 2012). <br />FINANCIAL IMPACT <br />The lease agreement is not subject to the collection of rent revenue due to its tax-exempt status. <br />However, under the lease ERAAA is responsible for routine maintenance, utilities and insurance <br />associated to their occupancy of the building. <br />ATTACHMENTS <br />• Draft Lease Agreement between HRA and ERAAA <br />Action Motion by Second by Vote <br />Follow Up <br />N:\Departments\Communiry Development\Economic Development\Houlton Buildings\Arts Alliance\June 2011 Action Requested lease <br />extension.doc <br />