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Item # 7.1. <br /> • J, <br /> City of <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Catherine Mehelich, Director of Economic Development' <br /> DATE: January 13, 2003 <br /> SUBJECT: Consider Renewal of Business Incubator Lease <br /> Attachments <br /> • Business Incubator Lease, Extensions and Amendments <br /> • Business Incubator Repayment Agreement <br /> • Business Incubator Proposal for Third Term Lease Renewal <br /> • • Year 2003 EDA Business Incubator Budget <br /> • Business Incubator Marketing Materials <br /> Issue <br /> The lease with Larry Hickman of the Business Incubator building will expire April 14, 2003. <br /> Staff is requesting that the EDA consider renewing the lease with Mr. Hickman so that <br /> prospective tenants may consider sub-leasing space in the building for a period of at least <br /> one year. <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,KnowledGenetica. <br /> Currently, KnowledGenetica is the Incubator program's only tenant. Two companies have <br /> 411 recently relocated their operations from the Incubator, Bixby Energy Systems (to Rogers, <br />