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Option B (Market Rate Lease) <br />Term: November 1, 2009 - April 30, 2010 <br />;Rent: $426 /month. This amount is inclusive of utility costs. <br />Taxes: Property Tax amount is included in rent proposed above. <br />Uses: Any lawful commercial use which shall be interpreted as permitting the existing <br />outside storage. No storage of junk or debris permitted. <br />Insurance: Tenant will maintain public liability insurance on Subject Parcel <br />Utilities: Utilities are included in the market rate. <br />Subletting: Tenant may not sublet during lease term. <br />Improvements: Tenant will take the space as is. <br />Comments: Comparable office space ranges from $10.00 per square foot to $12.00 per <br />square foot gross. At $12.00 per square foot, the rent would be $512 per month. In <br />addition, small, single office spaces in the 12'x12' range are renting at $350 - $4.50 <br />per month. <br />Enclosures: <br />Site Vocation Map <br />Letter of intent from Red Bobbin Sewing Salon <br />Comparable office space report prepared by Premier Commercial Properties <br />Funding Source: N/A <br />Recommendation: <br />Staff recommends a market rate lease for the space, consistent with other leases in the same building <br />for for -profit businesses. <br />Council Action: <br />Based on Discussion. <br />Review Checklist: <br />Deputy City Administrat lei ct of C mm 'ty Development <br />City Administrator <br />CC:10.27.09 <br />