Title
RESOLUTION AUTHORIZING AN AMENDED AND RESTATED LEASE AGREEMENT FOR A PORTION OF THE GROUND 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 in the form of the attached Document A, with The Lakeview at 333 Superior Parking, LLC for those portions of Lots 1 through 8 and Lots 14 through 16, Block 26, Portland Division, St. Louis County, Minnesota legally described and depicted on the attached exhibits to the lease agreement; 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: The purpose of this resolution is to authorize 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 Document A, for those portions of the ground level of the Medical District Parking Ramp located at First Street and 4th Avenue East. The primary purpose of the amended and restated lease is to extend the commencement date in the original December 22, 2020, lease agreement between the parties (authorized by Resolution 20-0918R) to account for delayed completion of Lakeview @ 333, a multi-family residential and mixed-use development project located on Superior Street in downtown Duluth.