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I <br />K <br />If the Board approves a lease under this option, the cost would be as <br />follows: <br />Ground Floor (6,102 @ $8.00 /s.f.) <br />Mezzanine (1,485 @ $3.00 /s /f.) <br />Total Annual Lease <br />$48,816 <br />4,455 <br />$53,271 <br />Although the Landlord has offered to provide the space rent free <br />through June 30, 1991, if the lease is approved, the $53,271 would be <br />considered an expansion item within the Department on Aging budget for <br />fiscal year 1991 -92. <br />The Senior Center Task Force has expressed a desire to lease the <br />balance of the facility. The Funding Committee for the Task Force has <br />likewise endorsed raising the funds necessary to lease the <br />additional approximately 3000 square feet. <br />If the Board approves this type of arrangement, the costs would be as <br />follows: <br />Base square footage leased by County <br />(6,102 @ $8.00 /s.f.) $48,816 <br />Square footage supported by Private funds <br />(2,938 @ 8.00 /s.f.) 23,504 <br />Total Annual Lease $72,320 <br />NOTE: IF THE COUNTY LEASES THE WHOLE SPACE, THE LANDLORD WILL CHARGE <br />NO RENT FOR THE MEZZANINE AREA. <br />It is our understanding from information provided by the Task Force and <br />the Department on Aging that the Town of Chapel Hill will be asked to <br />provide programming staff support as well as operating funds. We have <br />further been advised that the Task Force will provide upfit and <br />furnishings for the facility, in addition to providing the funds <br />required to lease 9,040 square, feet rather than 6,102 square feet. <br />Further conditions negotiated with the Landlord that may be of interest <br />to the Board are as follows: <br />The Landlord has committed to allowing the County to take <br />possession of the space as quickly as a lease is approved, with lease <br />payments to begin July 1. <br />Many leases add to the base rent cost of taxes, insurance and <br />maintenance to common areas and bill these at the end of each year. <br />For comparison purposes, it should be noted that the Landlord has <br />included all of these costs in the $8.00 /square foot amount. <br />The lease would include scheduled increases as follows: <br />Years 1 through 3 no increase <br />Year 4 15$ increase <br />Year 5 5% increase <br />