Item Description:
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Neg Amd 4 to Lease Agmt A07661 with St. Anthony Shopping Center, LLC for lease space at 2941 Pentagon Drive N.E., St. Anthony for the St. Anthony Library, extending the contract period to 05/31/32 ($115,430 first year rent and operating expenses)
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Resolution:
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BE IT RESOLVED, that the County Administrator be authorized to negotiate Amendment 4 to Lease Agreement A07661 with St. Anthony Shopping Center, LLC for lease of space at 2941 Pentagon Drive N.E., St. Anthony for the St. Anthony Library, extending the contract period to May 31, 2032, in the estimated amount of $115,430 first year base rent and operating expenses; that following review and approval by the County Attorney’s Office, the Chair of the Board be authorized to sign the amendment on behalf of the County; and that the Controller be authorized to disburse funds as directed.
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Background:
The Hennepin County Library has operated the St. Anthony Library since 1963. The library facility currently occupies 5,119 square feet of leased space in the St. Anthony Shopping Center at 2941 Pentagon Drive N.E. in St. Anthony through Agreement A07661 (the “Lease”). The current Lease term runs through May 31, 2027. The proposed terms of Amendment 4 to the Lease will extend the term by five years through May 31, 2032. Base rent will remain at the current rate of $13.93 per square foot ($71,301 annually) for the first year of the extension and increase three percent (3%) annually thereafter. Operating expenses are estimated to be $8.62 per square foot ($44,129 annually) for the first year and will be adjusted annually to reflect actual costs. County will have the right to terminate the lease at any time with one hundred twenty (120) days’ written notice.
Current Request: Authorization to negotiate Amendment 4 to Lease Agreement A07661 with St. Anthony Shopping Center, LLC, extending the term through May 31, 2032, in the estimated amount of $115,430 for first year rent and oper...
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