Laserfiche WebLink
1 � <br /> MEMORANDUM <br /> DATE: June 10, 1999 <br /> TO: Mike Mornson, City Manager <br /> FROM: Roger Larson, Finance Director <br /> ITEM: HAIR ADVANTAGE LEASE AGREEMENT <br /> Per your request, I reviewed the lease agreement between the City of St. Anthony and <br /> Hair Advantage (barbershop - leased space at Fire Station). <br /> The present lease agreement expires 11/1/99 with a current monthly rent payment of <br /> $440.00. The term of the last lease was for five years with and an annual percentage <br /> increase between 2.5% - 2.3%. <br /> Under the terms of this agreement, the Landlord is responsible to furnish all utilities <br /> such as heat, lights, water/sewer and trash pickup. Based on a review of projected rate <br /> • increases for utilities and labor, my recommendation would be to increase the rent in <br /> increments of$20.00 per month, per year (4.5% - 3.8% increase). <br /> The annual rent: <br /> Year 1 - $460.00 <br /> Year 2 - $480.00 <br /> Year 3 - $500.00 <br /> Year 4 - $520.00 <br /> Year 5 - $540.00 <br /> If the property is redeveloped or takes on a different use, Article 19 states: "Either <br /> party shall have the right to terminate the lease at any time upon a (90) days written <br /> notice." <br /> • <br />