HomeMy WebLinkAbout16-159 Technology Village Lease
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 16-159
A RESOLUTION APPROVING THE FIRST AMENDMENT TO THE
TECHNOLOGY VILLAGE LEASE AGREEMENT BETWEEN THE CITY OF PRIOR LAKE
AND THE CITY OF PRIOR LAKE ECONOMIC DEVELOPMENT AUTHORITY
Motion By: McGuire Second By: Thompson
WHEREAS, The City of Prior Lake (City) and City of Prior Lake Economic Development Authority
(EDA) entered into a Technology Village Lease Agreement on November 26, 2012
for EDA to lease from City the premises known and designated as Suites C102,
C103, C104, C105, C106, C108 and C111 located at 4646 Dakota Street SE, Prior
Lake, MN 55372; and
WHEREAS, Said Lease Agreement was for an initial term commencing on December 1, 2012
and terminating on November 30, 2015; and
WHEREAS, Said Lease Agreement provides EDA with the right to sublet all or any portion of the
Leased Premises for Technology Village Business Accelerator purposes without
obtaining City’s consent; and
WHEREAS, City and EDA desire to amend the Initial Term of the Lease Agreement to commence
on December 1, 2012 and terminate on November 30, 2018.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The Mayor and City Manager are hereby authorized to execute the First Amendment to Lease
Agreement amending the Initial Term of the Lease Agreement by and between the City of
Prior Lake and the City of Prior Lake Economic Development Authority to commence on
December 1, 2012 and terminate on November 30, 2018.
PASSED AND ADOPTED THIS 28th DAY OF NOVEMBER, 2016
VOTE Hedberg Keeney McGuire Morton Thompson
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager