HomeMy WebLinkAbout09 19 2013 EDA rept 8B attach
7(&+12/2*<9,//$*(
/($6($*5((0(17
THIS LEASE, made this day of , 20__, by and betweentheCITY OF
PRIOR LAKEECONOMIC DEVELOPMENT AUTHORITY, hereinafter referred to as
, andCOMPANY XYZ,hTENAN:
WITNESSETH THAT:
1.PREMISES. LESSOR does hereby lease to TENANT and TENANT hereby hires and takes
of and from LESSOR those certain premises known and designated as Suite(s)C108, at4646
Dakota Street SE, Prior Lake, MN 55372, containing approximately 186square feet of net rentable
([KLELW$
area, outlined in red on , attached hereto and incorporated herein, hereinafter referred to
.
2.INITIAL TERM. The initial term of this Lease shall be three (3)years, commencing on the
stth
1day of December, 2012, and continuing thereafter to and including the 30day ofNovember,
2015, unless extended or earlier terminated as hereinafter provided.
3.BASE RENT. The TENANT shall pay to LESSOR during the initial term of this Lease a
BaseRentof $15.00 per squarefoot. A portion of the Annual Base Rent, as
set forth in the table below,shall be deferred by LESSOR to be repaid or forgiven pursuant to
Paragraph 6. The
shall be payable in monthly installments as indicated in the table below
.
Base
Base % of Payable Monthly
Square Rent Annual
TimelineRent per Base RentBase Rent Base
FeetDeferred Base Rent
s.f.Deferredper s.f.Rent
per s.f.
Year 1 186$15.00 66.66%$5.00 $77.50 $930.00
$10.00
Year 2 186$15.00 33.33%$10.00 $155.00 $1,860.00
$5.00
Year 3 186$15.00 0%$15.00 $232.50 $2,790.00
$0.00
4.RENT PAYMENT.
(a) The Monthly Base Rent together with any additional amounts or additional rent payable
hereunder shall be paid in advance on the first day of each month during the lease term in lawful
money of the United States to LESSOR at its office: City of Prior Lake, Attn: Finance Department,
4646 Dakota Street SE, Prior Lake, MN 55372, or any such other place or places and to such other
party or parties as LESSOR may hereafter designate.
(b) There will be an additional charge of 5% of Monthly Base Rentfor each dayrent is not
received after the 10thday of each month. An additional charge of $25.00 will also be due if the
rent check is written on insufficient funds or otherwise returned by the bank.
1
(c) Rent shall be payable without any prior demand, offset or deduction of any kind.
5. REIMBURSABLEOPERATING EXPENSES
(a)TENANT shall, subject to the deferment set forth in Paragraph 6,reimburse LESSOR
for pro rata share of Expenses,Taxes, and Services, allas defined herein
(collectively .
(b)Definitions.
square foot rentable area of the Lease Premises, _______, shall be divided by the
rentable area of the building (the gross area of the building less the gross area of
the common areas)____________ (subject to adjustment if the building or Leased
Premises is expanded). The quotient shall be multiplied times the actual per
square foot Operating Expensesincurred by the LESSOR.
(ii)means and includes all expenses paid or incurred by LESSORin
owning, managing, maintaining, operating and repairing the Building and the Land,
including but not limited to (i) the cost of janitorial services furnished to or upon the
Premises, (ii) the cost of all utility charges for all services furnished to or upon the
Premises, including, water, gas, electricity andsewage disposal, (iii) the cost of
insurance, which may includebut is not limited to, fire, extended coverage, liability,
worker's compensation, loss of rentals, orany other insurance carried in good faith
by LESSORand applicable to the Building and the Land, (iv) the cost of snow
removal, window cleaning, supplies, sundries and sales taxes on supplies or
services, (v) the cost of landscaping (including replanting and replacing flowers,
trees and other planting)on the Building or Land, (vi) the charges of any
independent contractor who, under contract with LESSORor its representatives,
does any of the work of operating, maintaining or repairing of the Building and the
Land, (vii) a reasonable management fee comparable to those charged commercial
property management companies for similar buildings in the Prior Lakearea, (viii)
legal and other professional expenses incurred in the operation, use, occupation or
management of the Building and the Land and in seeking or obtaining reductions or
refunds of Taxes,and (ix) the amortized portion of the cost of any capital
improvement or labor saving device made to or installed in the Building which is
either required by law (or governmental regulation) or intended by LESSORto
reduce or control expenses.
Such amortization to be in accordance with generally accepted accounting
principles. misesresults in extraordinary
expenses, Parties will mutually agree upon such expenses and they will be added
of
capital improvements to the Building and the Land (except as provided in clause
(ix) above), roof repair, maintenance and/or replacement, any structural repair,
maintenance or replacement, depreciation charges, interest and principal
payments on mortgages, ground rental payments, real estate leasing and
brokerage commissions, and any legal or other professional expense related to
2
negotiation and drafting of leases to, disputes with, or claims of, any specific
TENANT. If any expense, though paid in one year, relates to more than one
calendar year, such expense shall be proportionately allocated among such
related calendar years.
(iii)Taxesmeans real estate taxes, assessments, taxes based upon the receipt of
rent, and any other federal, state or local governmental charges, general, special,
ordinary or extraordinary (but not including income or franchise taxes or any other
taxes imposed upon or measured by LESSOR
which may now or hereafter be levied, imposed or assessed against the Building or
Land or both.
Taxes shall also include any taxes (attributable to the year in which paid)
imposed upon the LESSOR owned furniture, fixtures, machinery, equipment,
apparatus, systems and appurtenances used in connection with the Property or
the operation thereof. Taxes shall not include anytaxes attributable topersonal
property of TENANT. TENANT shall pay alltaxes under any laws hereafter
in force, levied against personal property of any kind or nature
located on the Premises.
(iv)
by the LESSOR which are designed to support the successful development of
TENANT. Services may include, but are not limited to business development
assistance, network support, advisory and business consulting services, use of
conference rooms and office equipment, networking opportunities with other
entrepreneurs and community organizations, education programs, access to local
lenders interested in working with start-up businesses, as well as assistance with
sales and marketing, finance and accounting, administration and legal.
(c) The Operating Expensesare variable and are subject to change. LESSOR has
estimated the Operating Expensesto be approximately $18.19 per square foot as identified on
([KLELW%
, attached hereto and incorporated herein. ng Costs shall be
Operating Costs exceed $20.00 per square foot.
6. TENANT REIMBURSEMENT OF DEFERRED RENT AND OPERATINGCOSTS.
(a) TENANT will reimburse LESSOR for
of Operating Expenses for the period of December 1, 2012toNovember 30, 2015if:
(i) TENANT relocates outside of the City of Prior Lake; or
(ii)TENANT closes, terminates, or ceases business operation and restarts in a
similar fashion, whether under the same or different business name outside the
City of Prior Lake.
3
(b) For each full year after the expiration of this Lease that TENANT remains operating
with its primary business facility located in the City of Prior Lake, LESSOR will forgive 20% of
theAn example is shown on
the following tablesfor illustrative purposes.
Annual Deferred
of Operating
Deferred Base Operating
Year of LeaseExpenses
RentExpenses(est.)Share of Operating
(est. $18.19/sq. ft.
Expenses(est.)
for 186 sq. ft.)
Year 1$1,860.0018.19 x building $3,383.34$5,243.34
sq.ft.
18.19 x building
Year 2$930.00$3,383.34$4,313.34
sq.ft.
18.19 x building
Year 3$0.00$3,383.34$3,383.34
sq.ft.
727$/
'()(55('
Year in which Amount that must
TENANTceasesPercentage be Reimbursed to
TotalDeferred
operating in Prior Forgiventhe City of Prior
LakeLake
Year 40%$12,940.02
Year 520%$10,352.02
Year 640%$7,764.01
Year 760%$5,176.01
Year 880%$2,588.00
Year 9100%$0.00
rgive all Deferred Base Rent and
Minnesota
shall be in the form of a cash payment paid to LESSOR prior to TENANT relocating outside of
the Cityof Prior Lake. In the event of the sale or transfer of this business or a sale or transfer of
acontrolling ownership interest
of Operating Expenses shall be due and payable on the date of the sale or transfer of ownership
or a controlling ownership interest of the business.
4
0D\EH,QWHQWLRQDOO\6WULFNHQLI2SWLRQ7HUPLVQRWLQFOXGHG
7. OPTION TO EXTEND.
a) Option Term. TENANT, provided it is not in default under the terms and conditions of
this Lease, shall have the option of extending this Lease for additional monthterm. Such
option shall be exercised by TENANT notifying LESSOR in writing at least one hundred eighty
(180) days prior to the expiration of the initial term of its intent toexercisesaid option. During said
option period, all terms and conditions of this Lease shall remain the same, except for theAnnual
Base Rent, which shall be as provided herein.
(b) Option Rent.The rent for each Option Term shall be afixedAnnual BaseRent, of
and Dollars($) ($per square foot x square feet),
payable in monthly installments of and Dollars ($ ).
(c) No Option Rent or Operating Expenses will be deferred during any Option Terms.
During Option Terms, LESSOR shall invoice TENANT for Operating Expenses at least quarterly.
TENANT shall pay invoices within 30 daysof receipt.
8.USE OF PREMISES. The Leased Premises shall be used for the purpose of general office
useonly. The Premises shall be used for no other purpose.
9.ACCEPTANCE OF PREMISES. Taking possession of the Leased Premises by TENANT
shall be conclusive evidence that Leased Premises were, on that date, in good, clean and tenantable
condition and as represented by LESSOR.
10.RIGHT TO ASSIGN OR SUBLET. TENANT shall not assign this Lease nor sublet all or
any portion of the Leased Premises without first obtaining on each occasion the written consent of
the LESSOR. Neither this Lease nor any interest therein, nor any estate thereby created, shall pass
to any trustee or receiver in bankruptcy, or any assignee for the benefit of creditors, or by operation
of law.
11.RULES AND REGULATIONS. TENANT shall use the Leased Premises and the public
areas in the Building in accordance with such rules and regulations as may from time to time be
made by LESSOR for the general safety, comfort and convenience of the owners, occupants and
tenants of the Building, and shall cause TENANT'S customers, employees and invitees to abide by
such rules and regulations.
12.RIGHT TO ENTER. LESSOR, its agents and representatives may at any and all reasonable
times during the day and night enter to view and inspect the Leased Premises, or to clean and
maintain the same, or to make repairs, or to make such improvements or changes in the Leased
Premises or the Building as LESSOR may deem proper. There shall be no diminution of rent or
liability on the part of LESSOR by reason of inconvenience, annoyance or injury to business on
account of any such entry or acts by LESSOR, its agents or representatives.
13.PERSONAL PROPERTY RISK. LESSOR shall not be liable to TENANT, or those
claiming through or under TENANT, for injury, death or property damage occurring in, on or about
the Building and appurtenances thereto, and TENANT shall indemnify LESSOR and hold it
harmless from any claim or damage arising out of any injury, death or property damage occurring
in, on or about the Leased Premises, to TENANT or any employee, customer or invitee of
TENANT.
5
14.WAIVER OF SUBROGATION. The parties release each other and their respective
authorized representatives from any claims for damage to any person or the Leased Premises or the
Building, and to the fixtures, personal property, improvements, and alterations of either LESSOR or
Tenant, in or on the Leased Premises and the Building that are caused by or result from risks
required to be insuredagainst insurance in policies carried by the parties and in force at the time of
any such damage. Each party shall cause each insurance policy required to be carried under this
Lease to provide that the insurance company waive all right of recovery by way of subrogation and
shall, upon notice from the other, provide evidence to the other that such insurance provider has
waived such rights.
15.ALTERATIONS. TENANT will not make any alterations of or additions to the Leased
Premises without the written approval of LESSOR, and all alterations, additions or changes shall be
subject to such conditions as imposed by LESSOR. All alterations, additions or changes which are
made by either of the parties hereto upon the Leased Premises, except movable office furnishings
provided by TENANT, shall be the property of LESSOR, and shall remain upon and be surrendered
with the Leased Premises, as part thereof, at the termination of the Lease or any extension thereof.
TENANT will not permit any mechanics, laborer or materialmen's liens to stand against the Leased
Premises or the Building for any labor or material furnished to, or for the account of TENANT, or
claimed to have been so furnished in connection with any work performed or claimed to have been
performed in, on or about the Leased Premises. LESSOR may, at its option, discharge any such
lien, and the amount of the lien, together with costs and reasonable attorney's fees shall become
additional rent due immediately hereunder.
16.SUBORDINATION. TENANT agrees that this Lease shall, at the request of the LESSOR,
be subordinate to any mortgages or deeds of trust that may hereafter be placed upon said premises
and to any and all advances to be made thereunder, and to the interest thereon, and all renewals,
replacementsand extensions thereof, provided the mortgagees or trustees named in said mortgage
or trust deeds shall agree to recognize the Lease of TENANT in the event of foreclosure if
TENANT is not default
17.CARE AND MAINTENANCEOF PREMISES. TENANT shall, at its own expense and at all
times, maintain the premises in good and safe condition.
18.TENANT TO SURRENDER PREMISES. Upon the expiration or termination of the term
of this Lease,TENANT shallat its sole expense: (i) remove TENANT'S goods and effects and
those of all persons claiming under TENANT; (ii) quit and deliver the Leased Premises to
LESSOR, peaceably and quietly, in as good order and condition as the same were in on the date the
term of this Lease commenced or were thereafter placed by LESSOR, reasonable wear and tear
excepted; and (iii) at LESSOR'S request, restore the Leased Premises to general office standards
adopted from time to time by LESSOR for general application throughout the Building. Any
property left in the Leased Premises after theexpiration or termination of the term of this Lease
shall be deemed to have been abandoned and the property of LESSOR to dispose of as LESSOR
deems expedient.
6
19.UTILITIES AND SERVICES. LESSOR will furnish reasonable heat and air conditioning
duringusual business hours and during the usual and appropriate seasons. LESSOR will also
furnish electricity for standard Building lighting and office use, electric lamps, starters and ballasts
used in the Leased Premises, water, elevator service and toilet facilities during usual business hours.
LESSORshall pay the cost thereof in accordance to the provisions of Paragraphs 5 and 6herein.
LESSOR will provide basic internet servicesto the TENANT. LESSOR,in its sole opinion, shall
determine the level of basic internet services provided to TENANT. TENANT shall be permitted
to acquire enhanced internet, telephone or other technology
20.JANITOR. LESSOR will also provide janitor services a minimum of one (1) day per week.
LESSOR shall pay the cost thereof in accordance to the provisions of Paragraphs 5 and 6herein.
21.INSURANCE. LESSOR shall obtain and keep in full force and effect during the entire term
of this lease and any extensions or renewals thereof, and any holdover tenancy, and LESSOR shall
pay the cost thereof, (i) insurance with respect to the Building against loss or damage by fire and
other risks as are customarily covered by an extended coverage policy with an all risk endorsement,
in each case for full insurable value of the Building; (ii) miscellaneous equipment insurance,
including boiler and pressure pipes, air conditioning systems, electric motors, air tanks,
compressors and pumps; if applicable,in commercially reasonable amounts; and (iii)
comprehensive general public liability insurance against claims for death, bodily injury and
property damage arising on or about the Building,with a combined single limit of not less than One
Million Five Hundred Thousand Dollars ($1,500,000.00)per occurrence and Five Hundred
Thousand Dollars ($500,000.00) per claim.
TENANT shall obtain and keep in full force and effect at all times during the entire term of
this lease and any extensions or renewals thereof, and any holdover tenancy, and TENANT shall
pay the cost thereof, (i) a policy of comprehensive public liability insurance with respect to the
Premises and the business of TENANT thereon, written by a responsible casualty or indemnity
company authorized to do business in Minnesota, under which policy LESSOR shall be named as
an additional insured, and with not less than One Million Five Hundred Thousand Dollars
($1,500,000.00)single coverage limits for each occurrence and Five Hundred Thousand Dollars
($500,000.00) per claim of injury or property damage. Prior to the commencement of its business
at the Premises, TENANT shall furnish LESSOR with said policy or with a certificate that said
insurance is in effect, which shall state that LESSOR will be notified in writing not less than
fifteen(15) days prior toany cancellation, material change or renewal of said insurance, and (ii)
TENANT shall keep its merchandise, fixtures, equipment, leasehold improvements and other
property within the Premises insured under an "all risk" form of fire insurance policy, to the
extent of 100% of the replacement cost thereof,and, (iii) TENANT shall maintain at all times
shall present a certificate of such insurance to LESSOR.
TENANT shallmaintain such other insurance coverage, naming LESSOR as an
additional insured, with coverage limits satisfactory to LESSOR, as LESSOR may reasonably
conclude are prudent or advisable based on the use to which TENANT is putting the Premises.
TENANT shall furnish LESSOR with said policy, or with a certificate that said insurance is in
effect, which shall provide LESSOR withnot less thancellation,
material change or renewal, as aforesaid.
7
22.TEMPORARY INTERRUPTION OF SERVICES. LESSOR shall not be liable to
TENANT, its agents, employees, representatives, customers or invitees for any inconvenience, loss
or damage or for any injury to any person or property caused by or resulting from any casualties,
riots, strikes, picketing, accidents, breakdowns and any cause beyond LESSOR'S reasonable
control, OR from any temporary failure or lack of such services and TENANT shall indemnify
LESSOR and hold LESSOR harmless from any claim or damage because of such inconvenience,
loss, damage or injury.
23.NOTICES. A bill, statement, notice or communication which LESSOR desires to or is
required to give to TENANT, including any notice of termination, shall be deemed sufficiently
given or rendered if in writing, delivered to TENANT personally, or sent by registered or certified
mail, addressed to TENANT at the Leased Premises, or left at the Leased Premises, addressed to
TENANT, and the time of rendition or giving shall be deemed to be the time when the same is
delivered to TENANT, or mailed or left at the Leased Premises as herein provided. Any notice by
TENANT to LESSOR must be served by registered or certified mail addressed to LESSOR at the
address where the last previous rental hereunder was payable, or upon notice given to TENANT at
such other place as LESSOR designates.
24.EMINENT DOMAIN. If the entire Building is taken by eminent domain, this Lease shall
automatically terminate as of the date of taking. If a portion of the Building is taken by eminent
domain, LESSOR shall have the right to terminate this Lease by giving written notice thereof to
TENANT within ninety (90) days after the date of taking. If a portion of the Leased Premises is
taken by eminent domain and this Lease is not thereby terminated, LESSOR, shall, at its expense,
restore the Leased Premises, exclusive of any improvements or other changes made to the Leased
Premises by TENANT, to as near the condition which existed immediately prior to the date of
taking as reasonably possible, and rent shall abate during such period of time as the Leased
Premises are untenantable, in the proportion that the untenantable portion of the Leased Premises
bears to the entire Leased Premises. All damages awarded for a taking under the power of eminent
domain, whether for the wholeor a part of the Leased Premises, shall belong to, and be the property
of, LESSOR whether such damages shall be awarded as compensation for diminution in value to
the leasehold estate hereby created or the fee of the Leased Premises provided, however, that
LESSOR shall not be entitled to any award made to TENANT for loss of business, fair value of,
and cost of removal of stock and fixtures. The term "eminent domain" shall include the exercise of
any similar governmental power and any purchase or other acquisition in lieu of condemnation.
25.FIRE OR OTHER CASUALTY. In the event of a partial or total destruction of the Leased
Premises during the term hereof from any cause, LESSOR shall with reasonable diligence repair the
same, provided, however, that in the event LESSOR in its sole and absolute discretion determines it
to be impractical to repair the premises, it may terminate this Leaseby 30 days written notice to
TENANT. In the event LESSOR shall elect to repair the Leased Premises, this Lease shall not
terminate, but TENANT shall be entitled to a reduction of rent during any period of time that any
significant portion of the Leased Premises are untenantable, such reduction to be calculated in the
proportion that the untenantable portion of the Leased Premises bears to the entire Leased Premises.
LESSOR shall not be responsible to TENANT for damage to, or destruction of, any furniture,
equipment, improvements, or other changes made by TENANT in, on or about the Leased Premises
regardless of the cause ofthe damage or destruction.
8
26.HOLDING OVER. Should TENANT continue to occupy the Leased Premises, or any part
thereof, after the expiration or termination of the term of this Lease, such tenancy shall be from
month-to-month, at the sole option of LESSOR, and at a rental of 1 1/2 times the most recent
Monthly Base Rent, subject to all of the conditions, provisions and obligations of this Lease. No
rent or Operating Expenses shall be deferred while TENANT is holding over.
27.LESSOR'S RIGHT TO CURE DEFAULTS. If TENANT defaults in the observance or
performance of any of TENANT'S covenants, agreements or obligations hereunder wherein the
default can be cured by the expenditure of money, LESSOR may, but without obligation, and
without limiting any of the remedies which it may have by reason of such default, cure the default,
charge the cost thereof to TENANT, and TENANT shall pay the same forthwith upon demand. In
the event the same shall not be paid to LESSOR within ten (10) days from the date of billing, the
same shall bear interest at the rate of five percent (5%) per annum. When any sum of money
hereunder becomes due to LESSOR by TENANT, such sum shall be deemed to be additional rent
due hereunder.
28.DEFAULT. If TENANT shall default in the payment of any installment of rent, or in the
observance or performance of any of TENANT'S other covenants, agreements or obligations
hereunder and such default is not cured by TENANT within ten (10) days with respect to payment
of rent or within thirty (30) days after notice by LESSOR of any other default, or if any proceeding
is commenced by or against TENANT for the purpose of subjecting the assets of TENANT to any
law relating to bankruptcy or insolvency or for an appointment of a receiver of TENANT or any of
TENANT'S assets, or if TENANT makes a general assignment of TENANT'S assets for the benefit
of creditors, then, in any such event, LESSOR may (i) without process, reenter immediately into the
Leased Premises and remove all persons and property therefrom and atits option, terminatethis
Lease as to all future rights of TENANT and have, regain, repossess and enjoy the Leased Premises,
anything contained herein to the contrary notwithstanding, and TENANT hereby expressly waives
the service of any notice in writing of intention to reenter as aforesaid, and also all right of
restoration or possession of the Leased Premises. In case of any such termination, TENANT will
indemnify LESSOR against all loss of rents and other damages which it may incur by reason of
such termination during the residue of the Lease term, and also against all attorneys' fees and
expenses incurred in enforcing any of the terms of this Lease; or at LESSOR'S sole option, (i)
reenter and take possession of the Leased Premises in the manner provided in (ii) immediately
above, without such reentry constituting a cancellation or termination of this Lease or a forfeiture of
the base rent and additional rent to be paid or of the covenants, agreements and conditions to be
kept and performed by TENANT for and during the remainder of the term hereof. Failure of
LESSOR to notify TENANT in writing of its election hereof at the time it reenters and takes
possession of the Leased Premises shall indicate an election to reenter and take possession without
terminating this Lease.
To secure the payment of rent for the Leased Premises and the other obligations of the
TENANT, all as herein agreed, TENANT does hereby pledge and give a lien to LESSOR upon all
fixtures and furniture of every kind and nature now orhereafter placed in the Leased Premises,
which said fixtures and furniture may, upon the termination of this Lease, and upon the payment in
full of all sums of money then due, and not otherwise, be removed from the Leased Premises by
TENANT.
9
LESSOR shall have the right to show the Leased Premises for leasing at all reasonable
times during the last three (3) months of this Lease.
LESSOR shall not be deemed to be in default under this Lease until TENANT has given
LESSOR written notice specifying the nature of the default and LESSOR does not cure such default
within thirty (30) days after receipt of such notice or within such reasonable time thereafter as may
be necessary to cure such default if such default is of such a character as to reasonably required
more than thirty (30) days to cure.
29.MISCELLANEOUS. There are no understandings or agreements not incorporated in this
Lease, except as may be provided in a written addendum signed and accepted by both parties. This
is a Minnesota contract and shall be construed according to the laws of Minnesota. The captions in
this Lease are for convenience only and are not a part of this Lease. The covenants and agreements
hereof shall as fully and completely bind the heirs, executors, administrators, legal representatives,
successors and assigns of the parties hereto as if they have been specifically mentioned in each of
said covenants and agreements. If any provision in this Lease should for any reason be adjudged
invalid or illegal, that provision shall be deemed omitted herefrom and shall not invalidate any
other provision of this Lease and the remainder hereof shall remain in full force and effect. The
riders and/or exhibits attached to this Lease, consisting of two (2)pages, are hereby declared to be a
part of this Lease to the same extent and in the same manner as if the provisions thereof were
actually embodied in this Lease.
6,*1$785(3$*()2//2:6
10
IN WITNESS WHEREOF, LESSOR and TENANT, respectively, have duly signed this Lease, the
day and year first above written.
LESSOR:City of Prior Lake EconomicTENANT:
Development Authority
By:By:
Its: President Its:
By:
Its:
State of Minnesota )
: ss.
County of Scott )
The foregoing instrument was executed and acknowledged before me, a Notary for said County,
this day of , 20 , by , the President, of theCity of
Prior LakeEconomic Development Authority, the LESSOR mentioned in the foregoing Lease.
(NOTARY SEAL)
Notary Public
State of Minnesota )
: ss.
County of )
The foregoing instrument was executed and acknowledged before me, a Notary for said County,
this day of , 20, by , the
of, the TENANT mentioned in the foregoing Lease.
(NOTARY SEAL)
Notary Public
11
(;+,%,7$
/($6('35(0,6(6
12
(;+,%,7%
5(,0%856$%/((;3(16(6
2EOLJDWHG2EOLJDWHG&LW\(TXLW\
&LW\RI3ULRU/DNH7RWDO
WR7HFKQRORJ\WR7HFKQRORJ\&RQWULEXWLRQ
(TXLW\,QYHVWPHQW,WHP
$QQXDO&RVW
9LOODJH9LOODJH
SHU6TXDUH)RRW
City Staff (Salary & Benefits) est.$180,000.005%$9,000.00$6.00
Office Equipment / Furnishings$4,500.00100%$4,500.00$3.00
Property Insurance$7,500.005%$375.00$0.25
Property Taxes $3,500.00100%$3,500.00$2.33
Janitorial Service$20,000.005%$1,000.00$0.67
Grounds Maintenance / Snow Removal$8,000.005%$400.00$0.27
Common Area Building Maintenance$26,700.005%$1,335.00$0.89
Equipment Maintenance$14,000.005%$700.00$0.47
Trash Removal$1,500.005%$75.00$0.05
Utility -Gas$30,000.005%$1,500.00$1.00
Utility -Electric$46,000.005%$2,300.00$1.53
Utility -Sewer & Water$22,000.005%$1,100.00$0.73
Utility Internet / Technology $1,500.00100%$1,500.00$1.00
7RWDO
City contribution per square foot assumes 1,500 leasable square feet in Technology Village.
13