7.2.
CC Regular Session
- Meeting Date:
- 03/08/2016
- Submitted For:
- Patrick Brama
- By:
- Patrick Brama, Administrative Services
Information
Title:
Approve Third Amendment to the Existing Lease Agreement Between the City of Ramsey and Pro Power Sports
Purpose/Background:
The purpose of this case is to consider approving the attached third amendment to the existing lease agreement between the City of Ramsey and Pro Power Sports.
Notification:
NA
Observations/Alternatives:
NA
Funding Source:
No funding required. Lease negotiations are part of normal staff duties.
Premier Commercial Realty, the City's lease agent, negotiated this deal. Premier will receive a commission from lease revenues (per the City's lease manager agreement with Premier Commercial Realty).
Premier Commercial Realty, the City's lease agent, negotiated this deal. Premier will receive a commission from lease revenues (per the City's lease manager agreement with Premier Commercial Realty).
Recommendation:
Pro Power Sports has been a good tenant to-date (2014-2016, three years). They have paid on time and taken good care of the premises. Pro Power Sports is a valued Ramsey Business and respected member of our community. The City's lease broker has indicated this lease is "market rate" and "fair" (and includes 3% bumps in rent each year). Staff recommends the attached lease agreement extension be approved by the City Council.
Action:
Motion to approve the attached third amendment to the existing lease agreement between the City of Ramsey and Pro Power Sports; subject to final review and amendments by the City Attorney.
Attachments
- REF MAP
- 03222016 Amendment Three (purpose of case)
- 06232015 Amendment Two
- 012815 Amendment One
- 030114 Original Lease Agreement
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 02/18/2016 02:34 PM |
- Form Started By:
- Patrick Brama
- Started On:
- 02/17/2016 04:02 PM
- Final Approval Date:
- 03/01/2016