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Closed Session December 3, 2007
<br /> Hillsborough Commons Material Terms of Lease
<br /> Subject Property: Hillsborough Commons(Old Wal-Mart) Mayo Street, Hillsborough
<br /> Owner: Tri-Cor, Inc. (The Shopping Center Group-leasing agent)
<br /> Size: 56,328 (lease portion)
<br /> approximately 108,000 square footage in entire center
<br /> Property size: 10 acres
<br /> (Total land size 11 acres. Owner wants to maintain one acre outparcel in addition to the one currently occupied by the Auto Parts store.)
<br /> Offered terms:
<br /> Term: 10 years with four five year renewals(total 30 years)
<br /> Upfit: $600,000 included in rent. County pays any upfit costs above that amount.
<br /> Owner will allow County to upfit according to sustainable design standards, including windows and parking lot improvement if desired.
<br /> Common Area Maintenance and Taxes/Insurance included in lease amount up to$221,751 per year, after which charged pro rata share
<br /> Maintenance: County interior and systems (HVAC) Owner: exterior, including parking lot
<br /> Utilities: County pays
<br /> Option to purchase: County may purchase the entire center for$15,489,000 less$15,000 per month for which rent is paid up to$720,000.
<br /> Option is firm until February 2012.
<br /> Total Rent During Total Rent During
<br /> Lease Term (No SF Cost after Lease Term (W/
<br /> Period Monthly Annual SF Cost Reimbursement) County Share Reimbursement Reimbursement)
<br /> Month 1-3 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
<br /> Month 4-63 $59,363.00 $712,356.00 $12.65 $3,561,780.00 $356,178.00 $6.32 $1,602,801.00
<br /> Month 64-123 $63,588.00 $763,056.00 $13.55 $3,815,280.00 $381,528.00 $6.77 $1,716,876.00
<br /> Rent Paid at 10 yrs $7,377,060.00 $3,319,677.00
<br /> Month 124-183 $60,788.00 $729,456.00 $12.95 $3,647,280.00, $364,728.00 $6.48 $1,641,276.00
<br /> Month 184-243 $65,904.00 $790,848.00 $14.04 $3,954,240.00, $395,424.00 $7.02 $1,779,408.00
<br /> Rent Paid at 20 yrs $14,978,580.00, $6,740,361.00
<br /> Month 244-303 $71,537.00 $858,444.00 $15.24 $4,292,220.00, $429,222.00 $7.62 $1,931,499.00
<br /> Month 304-363 $77,733.00 $932,796.00 $16.56 $4,663,980.00, $466,398.00 $8.28 $2,098,791.00
<br /> Rent Paid at 30 yrs $23,934,780.00, $10,770,651.00
<br /> l�
<br /> 1/14/2008
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