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ITEM # 7. <br /> • ^•1/ <br /> City of ' <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development <br /> DATE: February 14, 2005 <br /> SUBJECT: Consider Renewal of Business Incubator Lease <br /> Attachments <br /> • Business Incubator Budget Description <br /> • Business Incubator Lease, Renewals, and Amendments <br /> • Business Incubator Proposal for Fourth Term Lease Renewal <br /> • Issue <br /> The lease with Larry Hickman of the Business Incubator building will expire April 15, 2005. Staff is <br /> requesting that the EDA consider renewing the lease with Mr. Hickman so that prospective tenants <br /> may consider sub-leasing space in the building for a period of at least one year. The Business <br /> Incubator Budget Description is attached as background information of the program. <br /> Background <br /> Following is a summarized history of the Business Incubator lease: <br /> 1997 EDA establishes 2-year lease for 13,186 square feet (6 suites) at a rate of$1.50/sf. <br /> 1998 EDA renews lease at a rate of$1.65/sf for the period of April 1999 to April 2001. <br /> 2000 EDA renews lease at a rate of$1.85/sf for the period of April 2001 to April 2003. <br /> 2001 EDA amends lease to reduce space to 7,522 square feet (4 suites) at$1.85/sf. <br /> 2002 EDA amends lease to increase space to 9,789 square feet (6 suites) to accommodate <br /> incubator tenant,K-Netica. <br /> 2003 EDA renews lease at a rate of$2.10/sf for the period of April 2003 to April 2005 <br /> and reduces space to 7,037 square feet (3 suites). <br /> • 2004 EDA amends lease to reduce space to 6,569 square feet (3 suites). <br />