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<br />Sean Sullivan <br />City of Ramsey <br />7550 Sunwood Dr NW <br />Ramsey,~ 55303 <br /> <br /> <br />RE: RideSafe Proposal 6701 Highway 10 NW <br /> <br />A Real Estate Services Company <br />6897 139th Lane NW <br />Ramsey, MN 55303 <br />763.862.2005 Office <br />763.862.1925 Fax <br /> <br />Mr. Sullivan: <br /> <br />RideSafe has proposed to lease space at 6701 Highway 10 NW, Ramsey, MN. A copy of this <br />proposal is attached. <br /> <br />Industrial leased space in the City of Ramsey currently averages $4.50/sq ft/year for <br />warehouse space and $8.50/sq ft/ year for office space, plus utilities (heat, electric), property <br />taxes and operating/maintenance expenses on a pro rata basis. <br /> <br />The normal range of property taxes, operating/maintenance expenses for industrial space in <br />the City of Ramsey runs $2.50/sq ft/year to $3.25/sq ft/year for newer buildings. <br /> <br />Utilities, including heat and electric, average around $1.50/sq ft/ year and is based on several <br />assumptions. <br /> <br />Landlords have been discounting rental rates and providing free rent in today's market to <br />attract and retain tenants for leases of 1 year or longer. Many landlords are providing one <br />month free gross rent per year of term and/or negotiating lease rates to $4.25/sq ft and <br />$8.25/sq ft respectively. <br /> <br />A summary of the market & RideSafe's proposal is shown below: <br /> <br />INDUSTRIAL MARKET <br />160 sf office $8.25 + $2.85 = $11.10/sq ft <br />or $ 148/month + utilities <br /> <br />RideSafe <br /> <br />420sfwarehouse $4.25 + $2.85 = $7.1O/sq ft <br />or $248.50/month + utilities <br /> <br />Prepaid rent for 6 months <br />($750) or <br />$125/month gross <br /> <br />$248.50 + $148 = $396.50/month + utilities <br />