Laserfiche WebLink
Item 9. <br /> • City of <br /> Elk -..� <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> 107 FROM: Marc Nevinski, Assistant Director of Economic Development <br /> DATE: August 13, 2001 <br /> SUBJECT: Amendment to Business Incubator Lease <br /> Issue <br /> At its July meeting the EDA considered a proposal to amend the business incubator <br /> lease and reduce the amount of space leased at the incubator. As directed by the EDA, <br /> staff has negotiated a lease amendment with Larry Hickman, which is presented for <br /> consideration at this time. <br /> • Background <br /> The lease amendment reduces the amount of incubator space from 13,186 to 7522 sf, a <br /> difference of 5664 sf. The lease rate at $1.85/sf remains the same, although the total <br /> monthly cost is reduced from $2032.84 to $1159.64. The EDA retains use of suites <br /> 130, 140, 230, 240 and the commons area (Please see Attachment II in the lease <br /> amendment). Additionally, Mr. Hickman agrees to provide the EDA the first right of <br /> refusal should he locate prospective tenants for suites 110 and/or 120. The amendment <br /> will take effect September 15, 2001 and run through April 14, 2003. <br /> Action Requested <br /> The EDA is asked to consider a motion approving of the lease amendment as <br /> presented. <br /> Attachments <br /> • Lease Amendment <br /> • <br />