Resolution No. 2022-119 Liquor Store Lease Option
Resolution No. 2022-119
Exercising the Final Lease Option for the City of Fridley Municipal Liquor Store
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Located at 264 57 Avenue N.E.
Whereas, the City of Fridley (City) holds a lease agreement with the Sterling Organization for its
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municipal liquor store, Fridley Market, located at 264 57 Avenue N.E.; and
Whereas, the City must exercise the final option for said lease within 335 days of the expiration
of the current lease option date, or October 31, 2023.
Now, therefore be it resolved, that the City Council of the City of Fridley authorizes the Mayor
to sign the attached letter exercising the final option of the current lease extending the expiration
date to October 31, 2028.
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Passed and adopted by the City Council of the City of Fridley this 24 day of October, 2022.
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Scott J. Lund – Mayor
Attest:
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Melissa Moore – City Clerk
Fridley Civic Campus
7071 University Ave N.E. Fridley, MN 55432
763-571-3450 | FAX: 763-571-1287 | FridleyMN.gov
October 24, 2022
Yolanda Mason
Property Manager, Texas
Sterling Organization
842 NW Loop 410, Suite 119
San Antonio, TX 78216
Dear Yolanda,
The City of Fridley (Fridley Liquors) wishes to exercise final extension option of our lease
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agreement at the Fridley Market commonly known as 260 57 Ave. NE, Fridley, MN., 55421.
As outlined in the lease agreement, the final extension includes years 12 through 16 (11/1/2023
– 10/31/2028) with an annual fixed rent of $167,703.98. As required in the lease agreement, this
notice is being provided at least 335 days prior to the expiration of the current lease term.
Please contact Joe Starks at 763-572-3520 if you have any questions or need additional
information.
Sincerely,
Scott Lund
Mayor, City of Fridley