HRA RES 1988-03 - 00013828RESOLUTION N0. HRA 3- 1988
RESOLUTIO� APPROVING AN AMEHID�ENT TO THE LEASEHOLD
, AGREEMENT BETWEEN THE FRIDLEY HOUSING AND REDEVELOPMENT
AUTHORITY AND THE FRIDLEY PIAZA OFFICE BUILDING
PARTNERSHIP
IT IS HEREBY RESOLVED by the Board of Commissioners (the "Soard") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority"), as follows
WHEREAS, on the 20th day of September, 1982, a Leasehold Agreement was entered
into between the Authority and the Fridley Plaza Office Building Partnership
(the "Partnership") which Leasehold Agreement requires the Authority to
provide to the Partnership the non-exclusive right to a 166 car parking lot
and further provides that the Partnership shall have the option to purchase
the Leasehold property at the end of 360 months for the sum of $100,000, and
WHEREAS, the Authority has wishes to construct a bi-1eve1 parking ramp on the
site of the parking 1ot which will impact the Partnership's parking
arrangements and subsequent purchase option Consequently, there has been
prepared and presented to the Board a corlesponding amendment to the above-
mentioned Leasehold Agreement, and
WHEREAS, the City of Fridley will lease from the Partnership approximately
8,000 square feet of office space for one (1) year for the aggregate sum of
$80,000
� THEREFORE, the HRA has agreed to pay one-half of the lease payments not to
exceed $40,OD0 in consideration of the Partnership's willingness to amend the
Parking Lot Lease and willingness to waive any claims against the HRA for
disruption to the parking lot, and
'
THEREFORE, the Soard hereby approves the Amendment to the Leasehold Agreement
and authorizes the Executive Director and the other officers and employees of
the Aixthority to execute the Amendment to the Leasehold Agreement
substantially in its present form, but with such minor amendments, deletions,
or insertions as such officers may deem necessary or desirable, as evidenced
by their execution thezeof, and the Board further inseructs such officers,
upon the full execution of the Amendment to the Leasehold Agreement, to take
such actions as may be necessary to effectuate and implement the terms
thereof
PASSED AND ADOPTED BY TRE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY THIS STH
DAY OF SEPTEMBER, 1988
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LAWRENCE R COMMERS - CHAIRMAN