Item Description:
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Lease?Agmt?A2311993 with 500NNL, LLC for rental of HCRRA property in Excelsior, 01/01/24-12/31/28; (recv?$7,966,?first three years)
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Resolution:
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BE IT RESOLVED, that Lease Agreement A2311993 with 500NNL, LLC for rental of 7,184 square feet of Hennepin County Regional Railroad Authority property located north of Excelsior Boulevard in the city of Excelsior, from January 1, 2024 through December 31, 2028, in the receivable amount of $7,966 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:
Since 2003, HCRRA has leased a 7,184 square foot area of the Hopkins to Victoria corridor to the owner of the property at 687 Excelsior Boulevard because the east side of the buildings is not accessible without entering HCRRA property. From 2003 to 2017, the property was leased to the Bayview Event Center for a small building encroachment and alley access. The lease was assigned to 500NNL, LLC in 2017 when Bayview sold the property to 500NNL to be used as office space.
Consistent with HCRRA's Land Use Management Plan, the lease agreement will establish the term for five years, from January 1, 2024, through December 31, 2028, with a leased area of approximately 7,184 square feet, and an annual rental charge of $7,966 with an adjustment after three years according to the Consumer Price Index. 500NNL, LLC 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 A2311993 with 500NNL, LLC for a five-year term from January 1, 2024 through December 31, 2028, with an annual rental charge of $7,966,?with an adjustment in the fourth year.????
Impact/Outcome:
Approval of...
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