Item Description:
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Neg Lease Agmt LS00000037 with Vulcan Properties, Inc. for rental space to be utilized by Hennepin County Library at 3519 Hazelton Rd., Edina, 11/01/24-12/31/27 ($52,920 estimated first year gross rent)
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Resolution:
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BE IT RESOLVED, that the County Administrator be authorized to negotiate Lease Agreement LS00000037 with Vulcan Properties, Inc. for rental space at 3519 Hazelton Road, Edina, during the period of November 1, 2024, through December 31, 2027, in the estimated amount of $52,920 for first year rent; that following review and approval by the County Attorney’s Office, the Chair of the Board be authorized to sign the agreement on behalf of the county, and the Controller be authorized to disburse funds as directed.
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Background:
Southdale Library, located at 7001 York Avenue South, Edina, will be closed for approximately 31 months for demolition and construction of a new library building beginning in January 2025. Hennepin County Library proposes to continue providing a limited range of library services during the building closure at a temporary leased space located at 3519 Hazelton Rd., Edina, which is one block south of Southdale Library. The temporary leased space consists of 2,016 square feet located within the Yorktown Mall shopping center.
First year gross rent for the lease will be $31.50 per square foot or $5,292 per month. The landlord will provide two months of free rent in the first year of the lease. Rent will increase approximately 3% annually in the second and third years of the lease. The county will negotiate the right to terminate the lease early with approximately 120 days’ notice and the right to extend the lease month-to-month if needed to accommodate any future changes to the Southdale Library construction schedule. County will pay directly for utilities and will be responsible for janitorial services and security within the leased space.
Current Request:
Authorization to negotiate Lease Agreement LS00000037 with Vulcan Properties, Inc. for rental space to be utilized by the Hennepin County Library at 3519 Hazelton Road, Edina during the period November 1, 2024, through December 31, 2027, in the estimated amount of $52,920 for first year rent.
Impact/Outcomes:
Approval of Lease Agreement LS00000037 will allow Hennepin County Library to continue to provide library services during the temporary closure of Southdale Library during construction.
recommendation
Recommendation from County Administrator: Recommend Approval