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AGENDA RECOMMENDATION |
Consent Calendar 5.M.
City Council Regular Meeting
- Meeting Date:
- 06/08/2026
Agenda Item:
Resolution authorizing the City Manager to enter into a long-term parking lease for Parking Lot #2; (Graif Lot).
Recommendation/Action(s):
Adoption of the attached resolution.
Summary:
Neubau Holdings, LLC (the tenant) entered into a ground lease and a first right of refusal with the City of Mankato (the landlord) in 2008. The tenant is leasing 32 regular parking spaces located on the property legally described as follows: (City Lot #2 – Graif Lot):
Lot Two (2), Block Twelve (12), City of Mankato, according to the E. D. Brunner Plat, Blue Earth County (R01 09 18 104 020); and the Northeast 36 Feet of Lot 3, Block 12, City of Mankato, according to the E. D. Bruner Plat, Blue Earth County (R01 09 18 104 066).
Both the tenant and landlord are in agreement with the first amendments as proposed in the legally binding documents. The amendments extend the lease agreements to December 31st, 2041, at which time both parties can extend the term per a mutual agreement. The rate is set by the Council's adopted fee schedule as modified from time to time. The amendments have been reviewed by the city attorney.
Staff recommends authorizing the City Manager to enter into the lease amendments.
Lot Two (2), Block Twelve (12), City of Mankato, according to the E. D. Brunner Plat, Blue Earth County (R01 09 18 104 020); and the Northeast 36 Feet of Lot 3, Block 12, City of Mankato, according to the E. D. Bruner Plat, Blue Earth County (R01 09 18 104 066).
Both the tenant and landlord are in agreement with the first amendments as proposed in the legally binding documents. The amendments extend the lease agreements to December 31st, 2041, at which time both parties can extend the term per a mutual agreement. The rate is set by the Council's adopted fee schedule as modified from time to time. The amendments have been reviewed by the city attorney.
Staff recommends authorizing the City Manager to enter into the lease amendments.