Minneapolis Park & Recreation Board

Resolution
2018-136

Resolution Approving Lease Agreement with Ilse Wolbank Leasing Commercial Space at 1828 Marshall Street Northeast, Suite #6, Located Within the Above the Falls Regional Park, for a Term of One (1) Year, Effective April 1, 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 1828 Marshall Street Northeast, which is located within the Above the Falls Regional Park;

 

Whereas, A prospective tenant, Ilse Wolbank, is a clothing designer and desires to lease space for a term of one (1) year at 1828 Marshall Street Northeast for general business purposes as creative studio;

 

Whereas, MPRB and Ilse Wolbank desire to enter into a lease for Suite #6 at 1828 Marshall Street Northeast at the rate of $900 per month gross, including utilities and taxes; 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 Ilse Wolbank leasing commercial space at 1828 Marshall Street Northeast, Suite #6, located within the Above the Falls Regional Park, for a term of one (1) year, effective April 1, 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 1828 Marshall Street NE was purchased in February, 2015, with nearly 20 existing tenants in place. 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. The subject of this action is Suite #6, which was previously occupied by a tenant, but has been vacant since October, 2017.

 

Ilse Wolbank has expressed interest in leasing Suite #6 at a rate of $900 per month gross (including utilities and taxes) beginning on April 1, 2018, and continuing for a term of one (1) year (see proposed Lease Agreement – Attachment A and a floor plan that includes Suite #6Attachment 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 Ilse Wolbank leasing commercial space at 1828 Marshall Street Northeast, Suite #6, located within the Above the Falls Regional Park, for a term of one (1) year, effective April 1, 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

Mar 7, 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 21, 2018 5:00 PM  Minneapolis Park and Recreation Board Regular Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Jono Cowgill, Commissioner District 4
SECONDER:Chris Meyer, Commissioner District 1
AYES:Brad Bourn, AK Hassan, Meg Forney, Londel French, LaTrisha Vetaw, Chris Meyer, Kale Severson, Jono Cowgill, Steffanie Musich