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.JUL 07 1992 <br />ANALYSIS: <br />On July 31, 1992, the present agreement will expire. Staff has <br />negotiated a new three year lease with a 3.6% increase or $7.25 per <br />square foot. We have also included in the new agreement a clause <br />which will allow us to cancel up 60 days notice. <br />RECOMMENDATIONS: <br />Staff recommends approval of the new lease agreement with FNB <br />Properties, Inc., at a annual cost of $20,843.75, and requests <br />authorization for the Board Chairman to execute the applicable <br />documents. <br />Commissioner Bowman questioned the increase in rent. <br />Director Dean explained that with the original 2 -year lease <br />there was an understanding that there would be an increase. The <br />proposed increase was higher than what is presently before the <br />Board, and after negotiations we agreed to a 3.6% increase over 3 <br />years which is approximately 1.2% increase per year. <br />ON MOTION by Commissioner Bowman, SECONDED by <br />Commissioner Wheeler, the Board unanimously approved <br />and authorized the Chairman to execute the new lease <br />agreement with FNB Properties, Inc., at an annual <br />cost of $20,843.75, as recommended by staff. <br />SAID LEASE AGREEMENT <br />IS ON FILE IN THE OFFICE OF CLERK TO THE BOARD <br />0. Bid 92-99 - King's Highway Water Main Project <br />The Board reviewed memo from Purchasing Manager Fran Boynton <br />Powell dated June 23, 1992: <br />22 <br />