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Request for Action <br />To Item Number <br />Ma Tor and CinT Council 4.4 <br />Agenda Section Meeting Date Prepared by <br />Consent May 2, 2022 Brent O'Neil, Economic Development Director <br />Item Description Reviewed by <br />iBackCheck, PLLC Lease at Furniture and Cal Pormer, Cit�r Administrator <br />Things Communit�r Center Reviewed by <br />Action Requested <br />Approve and authorize, by motion, the execution of the attached lease agreement. <br />Background/Discussion <br />The Furniture and Things Communit�T Event Center has appro�matel�T 3,000 square feet of unfinished space <br />which has been reserved as a leasable space to a tenant with a use congruent to the facilit�-. Dr. Christi Jo Christian <br />has proposed leasing the space to open an office for her iBackCheck Sports TherapyT Clinic. ApproximatelyT one- <br />half of the space `vould be constructed into medical offices for her operation of a chiropractic clinic, �vith the <br />Yemainder of the space Yemaining as open space for fitness and therapeutic-tyrpe activities. She has Yequested <br />permission to sublease a portion of the space to Two Brothers HockeyT, `vhich `vould align `vith the terms of the <br />lease. <br />The lease terms are based on prevailing market conditions and standards and the initial lease term is for five yTears, <br />`vith a lessee's option to rene`v for one five-yTear term. Base rent is $4,557 monthlyT and includes rent increases of <br />three percent annually. The lease grants a reduced rent during the first three months coinciding with construction <br />of tenant improvements, and a rent credit for a poYtion of the tenant's cost foY build-out improvements. <br />Financial Impact <br />The lease has accounted for shared utilities and common area maintenance, which are to be covered b�T the cityT. <br />The initial five-yTear term of the lease will generate approximatelyT $230,000 in revenue. <br />Mission/Policy/Goal <br />Support business investment in Elk River. <br />Attachments <br />■ Lease Agreement `vith iBackCheck, PLLC <br />The Elk River Vision <br />A 2a�elcolning co�nlnunity 2a�ith T evolutiona� y and spizzted T esou� cefulness, exceptional <br />se�vice, and coln�nunity engagelnent that encou�ages and ins�iz•es pTo�pe�zty. <br />rowEREo ar <br />�I'1 ���� <br />Up�iited.• August 2020 <br />