Title
RESOLUTION AUTHORIZING AN AMENDED AND RESTATED LEASE AGREEMENT FOR A PORTION OF THE FIRST LEVEL IN THE MEDICAL DISTRICT PARKING RAMP WITH THE LAKEVIEW AT 333 SUPERIOR PARKING, LLC.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to enter into an amended and restated lease agreement, substantially the form of the attached Document A, with The Lakeview at 333 Superior Parking, LLC for a portion (depicted on the attached Document A, Exhibit B) of the Medical District Ramp property (legally described on the attached Document A, Exhibit A), with lease payments payable into Fund 505-015-1480-2512-4374-04 (Parking Fund, Public Administration, Off Street Parking, Medical District Ramp, Contract Parking - Long Term Lease).
Statement of Purpose
STATEMENT OF PURPOSE: This resolution authorizes the City of Duluth to enter into an amended and restated lease agreement with The Lakeview at 333 Superior Parking, LLC (“Developer”), substantially in the form attached as Exhibit A, for 65 spaces in the first level of the Medical District Parking Ramp located at First Street and 4th Avenue East. The primary purposes of the amended and restated lease are to: (1) extend the commencement date in the original December 22, 2020, lease agreement between the parties (authorized by Resolution 20-0917R) to account for delayed completion of Lakeview @ 333, a multi-family residential and mixed-use development project located on Superior Street in downtown Duluth, and (2) relocate the 65 leased parking spaces from the second floor to the first floor of the Medical District Parking Ramp by mutual agreement between the parties and other affected ramp users/tenants.