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• Such a lease could be established on a month-to-month basis until <br /> SolarAttic either finds a new location or until prospective incubator tenant <br /> expresses interest in leasing the suites SolarAttic currently occupies. <br /> Such an arrangement would also mean that SolarAttic would no longer be <br /> part of the incubator program. <br /> Action Requested <br /> Staff recommends that the EDA consider renegotiate SolarAttic's sub- <br /> lease for one year at a market rate of$4.50 per square foot. <br /> Attachments <br /> • SolarAttic Lease Agreement <br /> 10. Consider Renewal of Business Incubator Lease <br /> Issue <br /> The lease of the Business Incubator with Larry Hickman will expire on <br /> April 14, 2001. Staff is requesting that the EDA consider renewing the <br /> lease with Mr. Hickman so that prospective tenants may consider sub- <br /> leasing space in the building for a period of at least one year. <br /> Background <br /> In 1997, the EDA established a two-year lease with Larry Hickman for <br /> 13,186 sf of the former Furniture and Things building at $1.65/sf for use <br /> as a business incubator. That lease was renewed in April of 1998 at the <br /> same rate for the period of April 15,1999 to April 14, 2001. The EDA has <br /> an option to extend the lease a third time for the period of April 15, 2001 <br /> to April 2002 at a rate not to exceed $3.00/sf. <br /> Currently, SolarAttic is the incubator's only tenant. Two companies have <br /> recently ceased operations and a third, Protector Care, has its product <br /> manufactured by a local firm. Over the past several months, staff has met <br /> with five companies who have an interest in the incubator. Additionally, a <br /> number of these prospective companies have experienced further <br /> development in the last few month, such as an influx of venture capital, <br /> that increase the likelihood they will locate in the incubator. <br /> Action Requested <br /> Staff recommends that the EDA consider renewing the lease with Larry <br /> Hickman for 13,186 sf of the former Furniture and Things building at the <br /> current lease rate. <br /> Attachments <br /> • 1998 Lease Extension <br /> • <br /> 11. Other Business <br /> • Update of the Economic Development Director Search <br />