On Thursday, April 22, 2010, your Board of Directors received a progress report from your Building Committee Chair John Lennon and CPA Charles Earney regarding the new building.
During this meeting, your Directors chose to ask RCA firms to submit Request for Proposals (RFPs). The RFP must include both a listing agreement to lease the 2nd floor of the new facility and a listing agreement for the sale of the current building. The Board of Directors will review them and notify the firm they have chosen.
We have established the following terms for a lease:
- The price per square foot for tenants is $15.50 + annual common area maintenance (CAM) of $3.50 for a five year term.
- A 3% commission would be paid on the gross lease to the tenant representative with 1/2 paid at time of tenant contract and the remaining 1/2 at tenant occupancy.
- On the Listing for Sale agreement the selling side would receive 2.5% of the Sales price.
Under the leasing agreement and listing agreement, there will be 0% paid to the RCA firm whose RFP is accepted. One firm has already shown interest to lend a hand to WRAR in this listing structure.
All RFPs must be submitted no later the 5PM on Friday, April 30th by email to JPanz@WRAR.com.
More details pertaining to this progress report & new developments can be viewed as always by going to: www.wrar.com/progress
