HomeMy WebLinkAboutCRA-R-13-0036 Back-Up DocumentFirehouse #2 Restaurant Lease Highlights
1. Lease term is until 2030 — Sunset date of Omni CRA.
2. Lease is a NNN lease.
3. The rent will be equal to the greater of (a) the minimum rent of $80,000 or (b) 7% of gross sales;
after the first three years paying rent, the percentage rent will increase to 8 1/2% of gross sales.
4. There is a $40,000 security deposit due at Execution of Agreement.
5. Omni CRA will install grease trap and hood.
6. Rent is abated for the first eighteen (18) months; Lessee shall pay its share of operating costs of
the building.
7. Property Appraiser will likely assess the restaurant space as of 1/1/2014; Lessee is responsible
for paying property taxes.
8. Lessee agrees to makes improvements to first floor of Firehouse #2, of an approximate value of
$1,800,000.
9. Lease is reviewed every year to make sure terms are in line with what the market is offering. At
no time will lease terms be less than what is in Lease Agreement.