Item Description:
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Approve Lease Agmt A2613567 with SkyRidge 2 LLC for rental of 14,400 sq ft of HCRRA property in Minnetonka, 10/01/26 – 09/30/31 (recv $8,812.58)
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Resolution:
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BE IT RESOLVED, that Lease Agreement A2613567 with SkyRidge 2 LLC be approved for rental of 14,400 square feet of Hennepin County Regional Railroad Authority (HCRRA) property located between Baker Road and County State Aid Highway 62 in the city of Minnetonka, from October 1, 2026 through September 30, 2031, in a receivable amount of $8,812.58 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 the funds as directed.
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Background:
SkyRidge 2, LLC is located on the southeast side of HCRRA’s Hopkins to Chaska corridor in Minnetonka. Since 1996, HCRRA has leased 14,400 square feet of property to SkyRidge 2, LLC for the storage of vehicles, equipment, landscaping and nursery supplies.
Under HCRRA’s Land Use Management Plan, the lease agreement will establish a term of five years, October 1, 2026, through September 30, 2031. The lease agreement is for an area of 14,400 square feet, with an annual receivable of $8,812.58, subject to a Consumer Price Index adjustment after three years. SkyRidge 2, 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 A2613567 with SkyRidge 2, LLC for a five-year term from October 1, 2026, through September 30, 2031, with an annual receivable of $8,812.58, and a rate adjustment in the fourth year.
Impacts/Outcomes: Approval of this request allows for a new five-year lease with SkyRidge 2, LLC for property located in Minnetonka and protects HCRRA’s interest in t...
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