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For comparison purposes, Staff looked at other commercial lease space in the area and found the following <br />26 <br />rates (without CAM charges) published online: <br />27 <br />28 <br />29 <br />FacilityLocationRate / S.F. <br />Lexington Plaza 1688 Lexington $ 15.00 <br />Tower Glenn 2216 County Road D 15.00 <br />2115 Snelling Building #1 2115 Snelling Avenue North 20.00 <br />Crossroads 1655 Co. Road B2 20.00 <br />30 <br />PO <br />OLICYBJECTIVE <br />31 <br />Not applicable. <br />32 <br />FI <br />INANCIALMPACTS <br />33 <br />Based on the terms presented above, the annual lease amounts are as follows: <br />34 <br />35 <br />2013 - $58,378 <br />36 <br />2014 - $60,129 <br />37 <br />2015 - $61,933 <br />38 <br />2016 - $63,791 <br />39 <br />40 <br />Based on projected transaction volumes, the License Center’s revenues will be more than sufficient to pay <br />41 <br />the increased rents. <br />42 <br />SR <br />TAFF ECOMMENDATION <br />43 <br />Staff recommends the Council authorize City Staff to approve a new 4-year lease extension with the owners <br />44 <br />of the Lexington Shopping Center as detailed above. <br />45 <br />RCA <br />EQUESTEDOUNCILCTION <br />46 <br />Motion to authorize City Staff to approve a 4-year lease extension with the Lexington Shopping Center <br />47 <br />for purposes of operating the City’s License Center. <br />48 <br />49 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Original Lease Agreement with Addendum <br />50 <br />Page 2 of 2 <br /> <br />