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EDA Agenda Memo <br /> April 9, 1998 <br /> Page 5 <br /> • • Larry Hickman to repay approximately $58,000(percent of <br /> lease hold improvements) to the EDA if the term is not <br /> extended for an additional two years. This repayment is for <br /> the EDA's payment of lease hold improvements. <br /> Should the EDA elect to renew the lease for an additional two year <br /> term, the following costs are anticipated: <br /> • No cost for lease hold improvements - all costs were paid in <br /> the initial two year term <br /> • Cost per square foot goes from $1.50 to $1.65 <br /> • Repayment from Larry Hickman to EDA at the end of the <br /> first renewal term, or April 14, 2001, is approximately <br /> $35,000. <br /> An analysis of the first year of incubator operation is as follows: <br /> • Rents received - approximately $6,000 <br /> • One space leased to Watermark-upstairs <br /> • One space leased to Protectorcare <br /> • Two spaces leased to SolarAttic <br /> • Two spaces remaining to be leased <br /> • $29,200 paid to Larry Hickman for lease hold improvements <br /> • $19,770 paid to Larry Hickman for building rent. <br /> Other expenses incurred in the first year of incubator operation: <br /> • Signage improvements - approx. $1,000 <br /> • Supplies- approx. $500 <br /> • Cleaning service - approx. $400 <br /> Of the 13,186 square feet leased from Larry Hickman, only 11,418 <br /> square feet can be subleased. The remainder being common area, <br /> bathroom facilities, and common conference room. In order to break <br /> even in year two, the EDA needs to lease all spaces available at an <br /> average per square foot rent charged of$1.90. The current <br /> breakdown is as follows: <br /> • SolarAttic - $2 per square foot <br /> • Protectorcare, Inc. - $2 per square foot <br /> • Watermark, LLC $1.50 per square foot <br /> • <br />