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Economic Development Agenda Memo <br /> March 5, 1999 <br /> Page 2 <br /> • beyond the term of the master lease. Last year in approximately May, <br /> the EDA agreed to extend its initial two year master lease term with <br /> Larry Hickman by an additional two years. The Incubator master <br /> lease between the EDA and Larry Hickman is now scheduled to end on <br /> April 14, 2001. <br /> Both incubator companies, Protectorcare and Watermark, had <br /> indicated at the beginning of their sublease term that they wished to <br /> have a minimum of two full years in the incubator program. With this <br /> in mind, staff suggests the EDA agree to allow staff to negotiate a one <br /> year sublease extension with both these companies, as it is currently <br /> doing with SolarAttic, Inc. <br /> A sublease extension will potentially result in a higher cash rent <br /> payment and distribution of more shares of the respective incubator <br /> companies. <br /> Recommendation <br /> Staff recommends the EDA authorize staff to negotiate and execute <br /> one year sublease extensions with Protectorcare and Watermark. <br /> i <br /> Attachments <br /> • Protectorcare Sublease/Memorandum of Understanding <br /> • Watermark Sublease/Memorandum of Understanding <br />