Minneapolis Park & Recreation Board

Resolution
2018-129

Resolution Approving Lease Agreement with Sean Kaysen Leasing Commercial Space at 3104 Pacific Street North, Suite #214, Located Within Above the Falls Regional Park, for a Term of One (1) Year, Effective March 15, 2018

Information

Department:Strategic PlanningSponsors:
Category:Lease

Item Discussion

Whereas, The Minneapolis Park and Recreation Board (MPRB) was created by the Minnesota Legislature in April 1883 and has the authority to manage and operate park facilities;

 

Whereas, MPRB owns and operates a commercial building at 3104 Pacific Street North, which is located within the Above the Falls Regional Park;

 

Whereas, A prospective tenant, Sean Kaysen, desires to lease space for a term of one (1) year at 3104 Pacific Street North for general business purposes as a wood working studio;

 

Whereas, MPRB and Sean Kaysen desire to enter into a lease for Suite #214 at 3104 Pacific Street North; and

 

Whereas, This resolution is supported by the MPRB 2007-2020 Comprehensive Plan, which envisions “Dynamic parks that shape city character and meet diverse community needs;”

 

RESOLVED, That the Board of Commissioners approves the Lease Agreement with Sean Kaysen leasing commercial space at 3104 Pacific Street North, Suite #214, for a term of one (1) year, effective March 15, 2018; and

 

RESOLVED, That the President of the Board and Secretary to the Board are authorized to take all necessary administrative actions to implement this resolution.

Body

BACKGROUND

 

The property at 3104 Pacific Street North was purchased in November 2015 with nearly 25 existing tenants in place.  The subject of this action is Suite 214, which was previously occupied by a tenant that passed away March 2017; the suite has been vacant since March 2017. The Minneapolis Park & Recreation Board (MPRB) has contracted with The C. Chase Company to manage the building and leases.  The C. Chase Company is managing the site until the leases expire and the building is vacated to avoid the added costs of relocation.  This arrangement then allows existing net rent to be set aside for demolition and site preparation costs before the site is ready for development into a park.

 

Sean Kaysen has expressed interest in leasing Suite 214 at a rate of $820 per month gross (including utilities and taxes) beginning on March 15, 2018 and continuing for a term of one (1) year (see proposed Lease Agreement – Attachment A and a floor plan that includes Suite 214Attachment B).  The proposed rent rate is similar to what the previous tenant was paying.  This action is to approve the proposed Lease Agreement.

 

Legal counsel has reviewed and approved the Lease Agreement as to form and legality.

 

 

RECOMMENDATION

 

Staff recommends approval of the Lease Agreement with Sean Kaysen leasing commercial space at 3104 Pacific Street North, Suite #214, for a term of one (1) year, effective March 15, 2018.

 

This action is supported by the following vision and goal statements in the MPRB 2007-2020 Comprehensive Plan:

 

Vision Theme 3:              Dynamic parks that shape city character and meet diverse community needs

Goal:              Focused land management supports current and future generations

 

 

Meeting History

Feb 21, 2018 5:10 PM  Administration & Finance Committee Committee Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Steffanie Musich, Vice Chair, Commissioner District 5
AYES:Jono Cowgill, Steffanie Musich, Londel French, Chris Meyer, LaTrisha Vetaw
Mar 7, 2018 5:00 PM  Minneapolis Park and Recreation Board Regular Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Jono Cowgill, Commissioner District 4
SECONDER:Steffanie Musich, Commissioner District 5
AYES:Brad Bourn, AK Hassan, Meg Forney, Londel French, LaTrisha Vetaw, Chris Meyer, Kale Severson, Jono Cowgill, Steffanie Musich