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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, 2014 <br />Insurance: $1,000,000 public liability insurance <br />Rent: The lease price would be $1.00 per square foot which calculates to $5,460 per year or $455.00 per month. <br />Electric: Self -metered. Will pay city directly for monthly usage at current monthly electric rates. <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 often <br />school buses with Tenant's primary business operation located at 6701 West Highway 10. <br />Funding Source: <br />NA. Proceeds will be deposited into the designated RALF account. <br />Recommendation: <br />To date, PACT Charter has been a responsible and cooperative tenant; and has paid rent consistently on time. <br />Based on input from the City's real estate broker, the proposed lease rate is competitive with the private market; and <br />the tenant has maintained a positive and professional relationship. <br />Recommendation: <br />Approve the attached one year Lease Agreement extension: PACT Charter School use of 6701 Hwy 10 Cold <br />Storage Area. <br />Action: <br />Motion: <br />Approve the attached one year Lease Agreement extension to PACT Charter School for use of 6701 Hwy 10 Cold <br />Storage Area. <br />Attachments <br />Original Lease Agreement <br />Lease Agreement Amendment (one year extension) <br />Form Review <br />Inbox Reviewed By Date <br />Diana Lund Diana Lund 06/17/2014 01:41 PM <br />Kurt Ulrich Kurt Ulrich 06/19/2014 11:18 AM <br />Form Started By: Patrick Brama Started On: 06/17/2014 11:51 AM <br />Final Approval Date: 06/19/2014 <br />