Current Consensus Items: Difference between revisions

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! Author of this Record
! Author of this Record
|-
|-
|6/04/19
|fill
|Tyler Maran
|me
|Sign Lease for 668 Guerrer St.
|in
|Move NoiseBridge to 668 Guerrero St
|thank
 
|you
Noisebridge signs lease for 668 Guerrero St.
|}
 
[https://discuss.noisebridge.info/uploads/default/original/1X/3623c544753c732993b53a4104bc15a0f28e73d7.pdf Provisional Lease]
 
;Details
: [https://www.youtube.com/watch?v=P7KKSp1VG-g Video Tour]
 
;Benefits
: 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
 
;Costs
: $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
 
; Conditions
: <s>We need more expert guidance around the permitting and zoning of 668 Guerrero in order to make an informed decision.</s>
:: 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
: <s>Our Perkins Coie advisor will come back at the 6/18/2019 meeting to share her findings.</s>
: 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.


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Revision as of 20:49, 11 August 2019

This is a page for hosting consensus items currently under debate, with their formal wording.

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Date First Discussed Proposed By Informal Title Summary Author of this Record
fill me in thank you

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