Item Description:
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Agmt A2412514 with L&H Partners Owner LLC, and Agmt A2412515 with L&H Partners Owner 2 LLC, for the lease of parking within the South Minneapolis Human Services Center parking ramp at 2215 East Lake St, Mpls, (recv $72,000 first year rent)
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Resolution:
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BE IT RESOLVED, that the County Administrator be authorized to negotiate Agreement A2412514 with L&H Partners Owner LLC, or affiliated entity, and Agreement A2412515 with L&H Partners Owner 2 LLC, or affiliated entity, for the lease of parking within the South Minneapolis Human Services Center parking ramp at 2215 East Lake St, Minneapolis, in the estimated combined receivable amount of $72,000 first year rent; that following review and approval by the County Attorney's Office, the Chair of the Board by authorized to sign the Agreement and related documents on behalf of the county, and the Controller be authorized to receive and disburse funds as directed.
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Background:
The South Minneapolis Human Service Center Building (the "Building") is a county-owned property located at 2215 East Lake Street, Minneapolis. The Building includes county office space, retail space leased to private business, and a 317-stall underground parking ramp serving the Building and adjacent uses. The Building was a component of a larger redevelopment of the southwest quadrant of East Lake Street and Hiawatha Avenue (the "Redevelopment") led by the Hennepin County Housing & Redevelopment Authority ("HCHRA") in partnership with a private developer, L&H Station Development LLC (the "Developer"). The Building was originally owned by the HCHRA but was subsequently transferred to Hennepin County upon completion of the land registration process for the Redevelopment.
The Redevelopment also included the construction by the Developer of two privately owned multifamily housing properties adjacent to the Building, which are commonly known as the "Southsider" and "B-Side" apartments. The Developer, through it...
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