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SUMMARY OF LEASE: <br />Premises: 5,460 square feet (420 heated, 5,040 square feet cold storage) <br />Term: one-year term, beginning August 1, 2013 Insurance: $1,000,000 public liability insurance <br />Rent: $455, $5,4600 annual <br />Property Taxes: Will remain tax exempt - City and Pact are both tax-exempt entities <br />Permitted Use: the subject Property will be used and occupied by tenant solely for the purpose of storage of 10 <br />school buses with Tenant's primary business operation located at 6701 West Highway 10. <br />Recommendation: <br />Based on the approval of the City Council at its June 25, 2013 meeting to accept the LOI with the condition that all <br />improvements remain with the Landlord (the City). <br />Funding Source: <br />Right -of -Way Acquisition Loan Fund (RALF) funded. Rent revenues are to be used withing th RALF guidelines. <br />Council Action: <br />Motion to approve the proposed lease with Pact Charter School as proposed. <br />LOI Pact Charter School <br />Proposed Lease Pact Charter School 6701 Hwv 10 <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 07/18/2013 12:54 PM <br />Form Started By: Diana Lund Started On: 07/15/2013 09:25 AM <br />Final Approval Date: 07/18/2013 <br />