Item Description:
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Approve Lease Agmt A2512826 with Rembrandt Properties LLC for rental of HCRRA property in Spring Park, 06/1/25 - 05/31/30 (annual recv $1,148)
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Resolution:
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BE IT RESOLVED, that Lease Agreement A2512826 with Rembrandt Properties, LLC for rental of 1,410 square feet of Hennepin County Regional Railroad Authority property located east of the Seton Channel in the city of Spring Park, from June 1, 2025 through May 31, 2030, with a receivable amount of $1,148 per year, be approved; that the Chair be authorized to sign the agreement on behalf of the Authority; and that the Controller be authorized to accept the fund as directed.
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Background:
History: Rembrandt Properties, LLC owns property on the south side of the Dakota Rail corridor located at 4636 Shoreline Drive in Spring Park. Access to the back of the Rembrandt property from Shoreline Drive is restricted by a significant grade change. Consequently, a portion of the corridor has been leased to Rembrandt Properties, LLC to support internal operations since the company purchased the property in 2020.
Current Request: This request is to approve Lease Agreement A2512826 with Rembrandt Properties, LLC for a five-year term from June 1, 2025 through May 31, 2030, with an annual receivable of $1,148.
Impacts/Outcomes: Approval of this request allows for a new five-year lease with Rembrandt Properties, LLC for property located in Spring Park.
recommendation
Recommendation from County Administrator: Recommend Approval