Motion to authorize the City Manager to execute a 5-Year lease extension with Galaxy Cafe', Inc. for the Olympia Café at 210 East Bay Street.  The owners of Olympia Café are exercising their option to extend the lease that was originally executed in 2011, and expires on December 31, 2020. The Olympia Café occupies the ground floor of the Gamble Building along River Street.  Both parties met to negotiate this extension and settled on the terms as outlined in the attached amendment.

The origianl lease provided an option for tenant to extend five more years, until December 31, 2025.  The extension is based on the following rent schedule:

• January 2021 - December 2021 - $33 per sqft ($158,400)
• January 2022 - December 2022 - $35 per sqft ($168,000)
• January 2023 - December 2023 - $38 per sqft ($182,400)
• January 2024 - December 2024 - $40 per sqft ($192,000)
• January 2025 - December 2025 - $42 per sqft ($201,600)

Approval