Item Description:
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Lease Agmt A2311876 with Dock & Lift, Inc. for rental of HCRRA property in Spring Park, 09/01/23-08/31/28; $1620 (recv first three years)
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Resolution:
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BE IT RESOLVED, that Lease Agreement A2311876?with Dock & Lift, Inc. for rental of 2,000 square feet of Hennepin County Regional Railroad Authority's Dakota Rail corridor located between Kings Road and the Seton Channel in the city of Spring Park, from September 1,?2023?through?August?31, 2028, in the receivable amount of $1,620 per year for the first three years, with a?rate?adjustment in the fourth year, be approved; and that the Chair be authorized to sign the agreement on behalf of the Authority; and that the Controller be authorized to accept and disburse funds as directed.?
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Background:
Dock &Lift, Inc. owns a building at 4532 Shoreline Drive in the city of Spring Park adjacent to Hennepin County Regional Railroad Authority's (HCRRA) Dakota Rail corridor. Since 1991, a 20-foot by 100-foot strip of the corridor has been leased by the owners of this building. The lease was assigned to HCRRA upon purchasing the corridor in 2001. Dock and Lift, Inc. purchased the building in 2002 and has continued the lease to store dock materials.
Consistent with HCRRA's Land Use Management Plan, the lease agreement will establish the term for five years, from September 1, 2023, through August 31, 2028, with a leased area of 2,000 square feet, and an annual rental charge of $1,620 with an adjustment after three years according to the Consumer Price Index. Dock & Lift, Inc. will pay a personal property tax payment directly to Hennepin County for use of the property. Either party may terminate the lease by giving a 30-day written notice.
Current Request:?This request is for Lease Agreement?A2311876?with Dock & Lift, Inc. for a five-year term?from?September 1,?2023, through August 31, 2028, with an annual rental charge of $1,620, with an adjustment in the fourth year.??
Impact/Outcom...
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