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1 <br /> STAFF REPORT <br /> DATE: August 7, 1996 <br /> TO: Mayor & Councilmembers <br /> FROM: Mike Mornson, City Manager <br /> RE: Lease Agreement with St. Marie Company for.SAV II Operation <br /> The following is a summary of the major provisions of the SAV II lease agreement with St. <br /> • Marie Company. <br /> 1. Term: January 1, 1997 to December 31, 2012. (15 years with one option to <br /> renew for five years at a rate to be negotiated.) <br /> 2.. Rates: $6.25 per square foot - years 1-5 <br /> $6.75 per square foot - years 6-10 <br /> $7.25 per square foot - years 11-15 <br /> 3. The rates are based on a $200,000 injection from the HRA for building <br /> improvements. St. Marie will pay the fust $167,000 and the HRA will pay the <br /> remaining. The estimate to renovate and expand was $367.,000. There is a <br /> potential that the City's cost may be more than $200,000. <br /> 4. Square footage estimate: 8,000 square feet <br /> 5. Apache Wells lease is terminated saving the City $150,000. <br /> • <br />