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� 0- (3) <br />To: Redevelopment Commission <br />From: Debrah Jennings, Property Manager <br />Subject: Lease for Vesuvio's Pizza <br />Date: July 26, 2011 <br />Attached is the final lease draft for Vesuvio's Pizza. <br />Vesuvio's Pizza will enter into a three -year lease term with Redevelopment Commission beginning August 25, <br />2011 for the Redevelopment Retail property located at 117 E. Wayne St. <br />The rental terms are as follows: Year 1- Monthly Rent $1,500.00; Annually- $18,000.00 <br />Year 2- Monthly Rent $1,750.00; Annually - $21,000.00 <br />Year 3- Monthly Rent $2,000.00; Annually - $24,000.00 <br />After year three Vesuvio's has the option to renew the agreement for one year. <br />Tenant will be responsible for payment of all utilities including property taxes. <br />Staff recommends approval. <br />H: \WPDATA \correct memo.doc <br />