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2 <br />Current amount of the lease is $67,270. This amount will <br />increase by the CPI in November, 1991. <br />The lease in effect since November, 1985 provides for two <br />two -year renewal options. The attached option form <br />proposes that the remaining two year option be exercised. <br />Although ownership of the shopping center changed in 1989, <br />all terms and conditions of the present lease remain <br />the same. <br />RECOMMENDATION: Authorize the execution of one, two -year renewal <br />option on the Carr Mill lease; and authorize the Chair to <br />sign on behalf of the Board. <br />