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EDA Agenda Memo <br /> March 4, 1998 <br /> Page <br /> The draft Sublease and Memorandum of Understanding include the <br /> following components: <br /> • Watermark will occupy a second floor incubator space of <br /> approximately 1,606 square feet. The proposed lease will <br /> have a term of one year and one month beginning March 15, <br /> 1998. <br /> 0 Negotiated subleases cannot supercede the EDA's <br /> prime lease with Larry Hickman which is scheduled to <br /> end on April 15, 1999 (thus the proposed term of one <br /> year and one month with Watermark). The EDA has <br /> the ability to extend its prime lease three times at a <br /> term of two years each. Staff will be bringing this <br /> issue back before the EDA at an upcoming meeting <br /> regarding whether to renew our prime lease for an <br /> additional two years - to April 15, 2001. <br /> • Upon extension of the EDA's prime lease, should the EDA <br /> decide to extend,the Sublease with Watermarkis proposed to <br /> be extended and would represent a total two year term. <br /> • Year 1 cash rent $1.50/square foot <br /> Year 2 cash rent $2.00/square foot <br /> • Stock in the amount of$10.00/square foot shall be divided <br /> among the EDA, Larry Hickman, and Harlan Jacobs. <br /> Recommendation <br /> Staff recommends the EDA authorize execution of a Sublease and <br /> Memorandum of Understanding with Watermark, LLC. <br /> Attachments <br /> • Statement of Purpose Watermark, LLC <br /> • Sublease <br /> • Memorandum of Understanding <br /> 8. Other Business <br /> MAS Technologies <br /> Staff would like to take this opportunity to update the EDA on <br /> 411 activities associated with this company. Several discussions have been <br />