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#24-11- Authorizing a Lease with Lease IN Properties, LLC for a 3,720 Square Foot Portion of Lot 2, Block 2, Mineral Creek Subdivision (Barney Meyring Park Strip) Adjacent to Lot 12, Block 15, Mineral Creek Subdivision
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SUBMITTED BY: Nicole LeRoy, Planner
FISCAL NOTES:
Expenditure Required: N/A
Unencumbered Balance: N/A
Funding Source: N/A
RECOMMENDATION:
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Approve Resolution 24-11
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SUMMARY STATEMENT:
Willow Park (formerly known as Cottonwood Manor) at 151 Alatna Street, Lot 12, Block 15, Mineral Creek Subdivision does not meet the current parking code for multi-family dwellings. The City has worked with the owners of Willow Park throughout the past 23 years to resolve the parking issue and a lease of an adjacent portion of Barney Meyring Park Strip was developed as the solution. In 2018, when IN Properties, LLC acquired Willow Park, they approached the City to establish a new lease for the additional parking area which was approved by the City Council via Resolution #19-10. This lease expires March 31, 2024, with five remaining five-year options to renew. IN Properties, LLC wishes to renew this lease and extend the term for five years until March 31, 2029, with four remaining five-year options to renew.
In addition to extending the term of this lease, approval of this resolution would also amend the insurance requirements for this lease and correct the rental due date which does not properly coincide with the lease term. Staff have worked with our insurance providers and legal department to determine the best practice for insurance requirements for lease agreements. Legal has advised us that the addition of the contractual waiver of subrogation and amended insurance requirements better protect the city from liability.
Staff recommends approval of this amendment to extend the lease, update the insurance requirements, and correct the rental due date. Pending Council approval of this lease, Planning Department staff will wo...
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