Agenda - 03-04-1991 - Laserfiche WebLink

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niY 2 4. In addition, many of these rates do not include taxes or insurance in the base rent. The tenant would be billed for these at the end of the year. The leasing agent for Carr Mill advises me that taxes and insurance amounts to approximately $0.85 per square foot. Based on the size of our space, that alone could mean an additional $4700. The Consumer Price Index (CPI) has been used to determine the increase in the lease amount since the inception of the lease in 1979. The leasing agent for Carr Mill indicated that some of their leases are adjusted based on a lease schedule which is agreed upon at the inception of the lease. If the Board would prefer a schedule a-ctjustment, the Owners have indicated a willingness to set a 5� per year scheduled increase. Assuming the Board chooses to use scheduled increases rather than CPI, our rates would be as follows: RECOMMENDATION: Approve lease option through October 31, 1992, stating method by which increase should be figured for final year of lease, (schedule-or CPI); and authorize the Chair to sign on behalf of the Board. Base rent Tax /Insurance Total Through 10/31/91 $5554.81 $378.31 $71197.44 Through 10/31/92 $5832.55 $397.23 ** $74757.36 * *Tax /Insurance based on actual expenses. This figure is estimated with--& 5,% increase. Actual may vary. RECOMMENDATION: Approve lease option through October 31, 1992, stating method by which increase should be figured for final year of lease, (schedule-or CPI); and authorize the Chair to sign on behalf of the Board.