5.3. PCSR 05-08-2007 - Laserfiche WebLink

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Discussion on Briggs Proposal May 8, 2006 City Council Worksession Page 2 of 5 Commercial Land & Lease Hartman Commercial C4 1.5 acres West Highway 10 $7.00/square foot Guardian Angels Commercial C4 2.56 acres West Hwy 10 Accepting offers Elk Path Business Center C3 1.5 acre lots West Highway 10 $7.00/square foot Mississippi Ridge PUD 1-3 acre lots East Hwy 10 $8-12.00/square foot Carson Business Park C3 2.5 acres SW corner Main St & Hwy 169 $12.50/square foot Lease rate: $20-25.00/sf Elk Ridge Center PUD 1-5 acres pads North Hwy 169 $12.00/square foot Lease rate: $13-22.00/sf Hillside Crossing Mall C3 1,800 - 10,000 square feet North H 169 Lease rate: $14-15.00/sf Elk Park Center PL1D 3,500-3,900 square feet Freeport Street Lease rate: $12-14.00/sf Country Crossing Mall C3 1,100-2,100 square feet West Hwy 10 Lease rate: $13.00/sf Houlton Commercial DD 3,400 square feet Main Street Lease rate: $9.00/sf+ CAM Industrial Land & Lease Northstar Business Park BP 4 to 9 acre lots Twin Lakes Road approx. $2.50/square foot Elk River Business Park BP 6 acre and 4.46 acre lot Twin Lakes Road $1.90-2.50/s uare foot Industrial Lease Space BP/I1 3,500 - 10,000 square feet $4.75/sf -warehouse $9.50/sf -office $1.75/sf -CAM Even with the lower cost of entry (land price) to locate in a Business Park/Light Industrial zone rather than Commercial zone, it is questionable whether any "savings" will ultimately be passed on to the end business tenant of a multi-tenant building. While the land cost has some affect on the end lease rate, the majority of cost to lease is attributed to the expense for constructing the building and interior build-out, in addition to the common area maintenance expenses (taxes & insurance). Even if the "savings" can be passed onto the end tenant the City does not have the ability to control or enforce lease rates into the future for these types of situations. It also seems that other commercial retail/service businesses