Canterbury Chiropractic's lease expires on June 30, 2023.  They have been a long term tenant at River City Centre.  

The tenant's current lease is at $22.50, which is the highest rent in the building.  They have asked that in exchange for lower rent, that they would waive any tenant improvement allowance.

Staff has worked with their real estate broker and the tenant on a lease renewal as follows:

Lease Term: 5 years starting July 1, 2023

Space: Suite 135, which is approximately 1,470 square feet

Gross Rental Rate: $19.00 per square foot with an increase of $0.50 per square foot at the start of year three and year five of the lease.  

Improvements: Space to be taken as is and tenant will waive the rights to the original $2,500 improvement allowance due tenant from Landlord.

Utilities: Tenant pays electric, sewer, water and gas.

The EDA is not paying any broker fees as part of this lease renewal.  The current rent is $2,756 and the new monthly rent will be $2,327.50.