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ITEM 6. <br /> II, <br /> ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY <br /> 0 <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Paul T. Steinman, Director of Economic <br /> Development <br /> DATE: March 4, 1997 <br /> SUBJECT: Approve Final Lease Agreement and <br /> Repayment Agreement with Larry <br /> Hickman <br /> Issue <br /> The issue before the EDA at this time is to review the attached Lease and <br /> Repayment Agreement regarding the EDA's lease of the former Furniture <br /> 0 and Things building. <br /> Background/Summary of Issues <br /> Final Lease Agreement <br /> The major parameters of the final lease agreement are as follows: <br /> • EDA to lease approximately 13,186 square feet within the former <br /> Furniture and Things building <br /> • Net leaseable space equals approximately 11,072 square feet <br /> • The term of the lease is from April 15, 1997 to April 14, 1999 <br /> • Base rent is $1.50 per square foot or $19,779.00 per year <br /> • EDA has option to extend the Lease Term by six full years at the <br /> following cost: <br /> - First renewal term (two years) $1.65 per square foot or <br /> $21,757.00 per year <br /> Second renewal term (two years) $1.85 per square foot or <br /> $24,394.00 per year <br /> - Third renewal term (two years) not to exceed $3.00 per <br /> square foot or $39,558.0 per year <br /> 1110 <br /> P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />