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<br />Discussion on Briggs Proposal <br />lvfay 8, 2006 City Conncil \'\Torksession <br />Page 2 of 5 <br /> <br />Commercial Land & Lease <br />Hartman Corrunercial C4 1.5 acres <br />\Y.1 est High\vay 10 $7.00/ square foot <br />Guardian Angels Conunercial C4 2.56 acres <br />West H\vy 10 .i-\ccepting offers <br />Elk Path Business Center C3 1.5 acre lots <br />\V/ est High\vay 10 $7.00/square foot <br />Ivlississippi Ridge PUD 1-3 acre lots <br />East H\vy 10 $8-12.00/square foot <br />Carson Business Park C3 2.5 acres <br />S\V:; corner Ivlain St & H\vy 169 $12.50/ square foot <br /> Lease rate: $20-25.00/ sf <br />Elk Ridge Center PUD 1-5 acres pads <br />North H\vy 169 $12.00/square foot <br /> Lease rate: $13-22.00/sf <br />Hillside Crossing Ivlall C3 1,800 - 10,000 square feet <br />Nortll H\V)T 169 Lease rate: $14-15.00/ sf <br />Elk Park Center PUD 3,500-3,900 square feet <br />Freeport Street Lease rate: $12-14.00/sf <br />Country Crossing IvIall C3 1,100-2,100 square feet <br />West H\V}T 10 Lease rate: $13.00/sf <br />Houlton Commercial DD 3,400 square feet <br />IvIain Street Lease rate: $9.00jsf+ C~~~/f <br />Industrial Land & Lease <br />Northstar Business Park BP 4 to 9 acre lots <br />T\vin Lakes Road approx. $2.50/square foot <br />Elk River Business Park BP 6 acre and 4.46 acre lot <br />T\v1.n Lakes Road $1.90-2.S0/square foot <br />Industrial Lease Space BP III 3,500 - 10,000 square feet <br /> $4.75/ sf - \varehouse <br /> $9.50/sf - office <br /> $1.75/sf - CAiYI <br /> <br />E,Ten ,vith the lo\ver cost of entry (land price) to locate in a Business Park/Light Industrial <br />zone rather than Commercial zone, it is questionable whether any "savings" \.vill ultimately <br />be passed on to the end business tenant of a multi-tenant building. \V'hile tlle land cost Ilas <br />some affect on the end lease rate, the majority of cost to lease is attributed to tlle expense for <br />constructing the building and interior build-out, in addition to the common area <br />maintenance expenses (taxes & insurance). E,Ten if the "savings" can be passed on to dle <br />end tenant the City does not have the ability to control or enforce lease rates into the future <br />for these types of situations. It also seems tllat other commercial retail I sel\Tice businesses <br />