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of *_,� <br /> River <br /> 13065 Orono Parkway <br /> Elk River,MN 55330 <br /> City of Elk River <br /> Business Incubator <br /> Proposal for Third Term Lease Renewal <br /> • Term: Two (2) Years,April 15, 2003 -April 15, 2005. <br /> o Option to end term after 1-year (April 15, 2004) with 60-day notice. <br /> • Space: EDA (tenant) to lease 3 suites (120, 130, & 140) for a total of 5,813 square feet. <br /> • Rate: $2.10 per square foot or $1,017.28 per month. (12%increase from 2nd Term rate). <br /> • Maintenance: Mr. Hickman (landlord) responsible for all building maintenance specified within <br /> Primary Lease as well as interior common areas (conference room,restrooms, hallways, etc.) <br /> 4111 • Incubator Tenant Stock Options: To remain equally distributed between Genesis, Mr. Hickman, <br /> and EDA. <br /> • Repayment Agreement: Repayment schedule remains in effect. Landlord repayment balance to <br /> EDA will be $0 on March 31, 2004. <br /> Proposed by: <br /> /— C)3 <br /> Catherine Mehelich, Director of Economic Development Date <br /> Accepted by: <br /> Larry Hickman, Building Landlord Date <br /> • <br /> Phone:763.441.7420 <br /> Fax:763.441.7425 <br /> www.ci.elk-river.mn.us <br />