7.0. EDSR 09-09-2002 - Laserfiche WebLink

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\ ' Item # City ik River TO: Economic Development Authority FROM: MEMORANDUM Heidi Hall, Economic Development Assistant DATE: September 9, 2002 7 SUBJECT: Consider Business Incubator Lease Extension for Vertical Attachment Publishing • General Information From Vertical Publishing's Web Site • Background Vertical Publishing became an Incubator tenant in July of 2000, subleasing the 2,267 SF of space in Suite 120. The company's mission is to enable print publishers of business magazines to place their content on the Internet. In September of 2001, the EDA extended Vertical Publishing's sublease and the company moved into Suite 230 (1,493 SF) due to the company's request to rent less space. For the past year,Vertical Publishing has been charged$345.15 per month in cash rent. The company has not paid cash rent nor actively occupied the space until July of 2002 with the addition of new CEO,Ben Moyer. Staff has provided the company time to re-establish itself in the Incubator while nine months of rent remains outstanding. Issue Ben Moyer, the new CEO of Vertical Publishing,wishes to remain in the Incubator for a third lease term. The company has made prompt rent payments since July and has indicated interest in making additional payments during the requested lease extension to bring the company's account current. In addition,Mr. Moyer would like rent Suite 130 (1,041 SF) instead of Suite 230 (1,493 SF) due to the company's need for less space. Since a decision has not been made as to whether or not the EDA's current lease with Larry Hickman will be extended beyond April of 2003, the duration of Mr. Moyer's lease extension request is affected. SIn July, the Business Incubator Advisory Committee expressed interest in continuing the Incubator Program beyond April of 2003. The Committee will meet again on September