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Business Incubator Issues <br /> February 6, 1997 <br /> Page 2 <br /> • <br /> III. PRIMARY ISSUES TO CONSIDER <br /> The EDA has the following primary issues to consider at this time: <br /> • What are the major parameters of the proposed lease? <br /> Staff summarizes the following major parameters of the proposed <br /> lease: <br /> 0 Space leased Approximately 13,186 square feet, of <br /> which 11,072 square feet is leasable <br /> and 2,114 square feet is common area. <br /> 0 Base Rent $1.50 per square foot times 13,186 <br /> square feet equals $19,779 per year <br /> 0 Term Initial term of the proposed lease is <br /> April 1, 1997, to March 31, 1999 <br /> 0 Additional Terms EDA proposes to be able to extend the <br /> term of the lease by six years at the <br /> same base rent. <br /> The building, as proposed to be built out by Hickman's contractor <br /> would include the following leasable spaces: <br /> 0 One 2,505 square foot space <br /> 0 One 1,041 square foot space <br /> 0 One 2,267 square foot space <br /> 0 One 1,561 square foot space <br /> O One 2,137 square foot space <br /> 0 One 1,606 square foot space <br /> 0 One 346 square foot space (proposed to be used as common <br /> area conference room for all tenants) <br /> The current conceptus discussed with Larry Hickman wouldallow <br /> the EDA, upon 100 percent occupancy of the above listed spaces, to <br /> possibly lease an additional 1,782 square foot space. At the present <br /> time Mr. Hickman proposes to utilize such space for additional <br /> furniture sales, in addition to the approximately 10,000 square feet <br /> of space at the front of the building. <br />