Item Coversheet

4.A.


Shakopee Economic Development Authority
June 6, 2023

FROM: Michael Kerski, Planning/Development Director 
TO:President and Board Members
Subject:
Lease extension for one year with Concrete Mobility.
Policy/Action Requested:
Authorize the President and the Executive Director to execute a lease amendment to extend the lease at River City Centre with Concrete Mobility for one year at $4,000 per month subject to a six month prepayment.
Recommendation:
Approve one year lease extension.
Discussion:

Concrete Mobility occupies the former Hometown Bank space at the west end of River City Centre.

 

Concrete Mobility uses the space as its local offices.

 

The space is being proposed long term as a possible future location for a food service operation with an outdoor patio.  The use by Concrete Mobility will allow staff time to market it for a future user.

 

Concrete Mobility pays its rent six months in advance so staff believes that this rent is market competitive at about $19/per square foot plus the benefit of payment in advance.

Budget Impact: