Item Description:
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Approve Lease?Agmt?A2613352?with?Excelsior Mill LLC for rental of HCRRA property in?Excelsior, 03/10/26-03/09/31, $3,518 (recv)
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Resolution:
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BE IT RESOLVED, that Lease Agreement A2613352?with Excelsior Mill, LLC be approved for rental of?1,734?square feet of Hennepin County Regional Railroad Authority?(HCRRA)?property located?west of Water Street in the city of Excelsior, from?March 10, 2026 through March 9, 2031, in a receivable amount of $3,518 per year for the first three years, with a rate adjustment in the fourth year; and that following review and approval by the County Attorney's Office, the Chair be authorized to sign the Lease Agreement on behalf of the Authority; and that the Controller be authorized to accept?funds as directed.
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Background:
Excelsior Mill, LLC owns a retail building on the south side of HCRRA's Hopkins to Victoria Corridor, west of Water Street in Excelsior. This building was originally constructed close to the property line to receive supplies directly from rail cars. A portion of the rail corridor has always been leased by the building's occupant. When HCRRA acquired the corridor in 1981, it took over the lease. Since then, the building ownership has changed with several different tenants.
Under HCRRA's Land Use Management Plan, the lease agreement will?establish?a term for five years, March 10,?2026,?through?March 9, 2031. The leased area is 1,734?square feet, with an annual receivable of $3,518?subject to a Consumer Price Index adjustment after three years. Excelsior Mill LLC will pay personal property?taxes directly to the Hennepin County Treasurer. Either party may?terminate?the lease by giving 30-day written notice.
Current Request: This request is to approve?Lease Agreement A2613352 with Excelsior Mill LLC for a five-year term from March 10,?2026,?through March 9, 2031, with an annual receivable of $3,518,?and a rate adjustment in the fourth year.
Impacts/Outcomes: Approval of thi...
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