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Consider Business Incubator Tenant Lease Extension <br /> LapTwo Technology Corporation <br /> September 13,2004 <br /> Page 2 of 2 <br /> • LapTwo seeks a one year extension of its tenure in the Incubator to see the company <br /> through the market introduction and maturation of the WarmSpot product line. The <br /> company currently has two W-2 employees, and is actively seeking both additional <br /> programmers and some added investment. The company's plan is to grow its engineering <br /> staff by adding two full-time software developer positions by the first quarter of 2005. <br /> Issue <br /> Mr. Henningsgard has requested that the EDA consider a twelve-month sublease extension <br /> through September 2005. Mr. Henningsgard will be in attendance to answer any questions <br /> the EDA might have. <br /> Staff Recommendation <br /> Staff recommends that the EDA consider granting the twelve-month sublease extension to <br /> LapTwo effective September 23, 2004 through September 22, 2005 at the following <br /> cash/stock rent rate: <br /> $ 4 per SF cash rent ($347.00 per month) <br /> $ 7 per SF stock value (divided among building owner, Incubator consultant, &EDA) <br /> $ 11 per SF total rent value <br /> • <br /> 410 <br />