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|Date First Discussed
||Author of this Record
||Sign Lease for 668 Guerrer St.
||Move NoiseBridge to 668 Guerrero St
Noisebridge signs lease for 668 Guerrero St.
- Video Tour
- 7,500 sqft (~50% increase from 5,200sqft at current)
- Ground floor entrance with garage door. ADA accessible. Concrete floors.
- Noisebridge would rent the entire building.
- Option to purchase (at $4.0mln startingin 2020 + 3.0% step up/yr thereafter) for the duration of the lease term.
- 2.5 blocks from current NoiseBridge location. No disruption in Mission community. Still easy access to BART.
- Cleaner block and sidewalk
- Early move-in clause provides free rent from lease-signing date till lease-start date of 8//1/2019
- $10,000/mo for year 1.
- $1,000/mo rent step-ups per year (up to $13,000/mo in 4th year).
- Purchase option costs $10,000 first year, then $20,000 years 2 and 3.
- $1.33/sqft/mo is a good below market rate, but a $3,500/mo increase from our current location in first year
- Total cost for lease over 4 years: $552,000 + $50,000 in Options = $602,000
- Renovations are expected to cost $50,000 in the first year, broker fees and other licensing expected to cost around $10,000
- First year outlay: $205,000 = $120,000 in rent, $15,000 security, $20,000 fees and options, $50,000 renovations
- Note this is $80,000 above our current yearly revenue, meaning we will draw $80,000 from saving, plus any additional moving or unexpected costs, and does not cover any operating expenses like utilities and other
We need more expert guidance around the permitting and zoning of 668 Guerrero in order to make an informed decision.
- Current permitting issues put 2169 occupancy at risk for $92,000, though Perkins Coie is reviewing Pro-bono
- Without clear plan to avoid fees, 668 Guerrero may be at similar, though lower cost, risk
Our Perkins Coie advisor will come back at the 6/18/2019 meeting to share her findings.
- Noisebridge is reviewing current draft to make sure it is in line with Noisebridge Priorities
- The property value is struck at $4,000,000, and we should be sure that price is worth $50,000 in options.
UPDATE THIS CONSENSUS ITEM APPROPRIATELY.