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~ / <br />~~~ / <br />R.ANDALL and GOODRICH, P.L.C. <br />ATTORNEYS AT LAW <br />2140 FOURTH AVENUE NORTH <br />ANOKA, MINNESOTA 55303-2268 <br />GERALD M. RANDALL <br />WILLIAM K. GOODRICH <br />CLAIRE D. HELMER <br />CHRISTIAN R. PETERSON <br />January 8, 2010 <br />K & K Sharp, LLC <br />Attention: Kyle D. Shale <br />10907- 93rd Avenue North <br />Maple C=rove, >`/IN 55369-4199 <br />TELEPHONE (763) 421-5424 <br />FACSIMILE (763) 421-4213 <br />bgood a~lanokalaw.com <br />VIA FAX (763) 425-6428 <br />AND U.S. MAIL <br />Re: Apri124, 2006 Lease for Property at 6701 Highway 10 NW <br />Ramsey, Minnesota (the "Lease") <br />Landlord: City of Ramsey <br />Tenant: K & KSharp, LLC <br />Dear Mr. Sharp: <br />As Ramsey City Attorney I write you regarding the above referenced Lease. <br />At its City Council meeting on June 24, 2008, the Ramsey City Council determined that with <br />regard to the Lease term commencing August 1, 2008, the City as Landlord, would increase the <br />rent by the amount of the annual property taxes assessed against the Property on an annual basis. <br />On August 1, 2008 the rent was increased to $3,266/month to cover base rent and property taxes <br />related to the leased property. <br />In 2009 the property taxes increased from $16,294 to $24,714 per year. Per council action on <br />June 24, 2008 the current rent needs to be increased to capture that additional tax amount. The <br />new rent as of August 1, 2009 is outlined below. The taxes levied by Anoka County against the <br />Property in 2009 are $24,714. Therefore, the new monthly property tax payment will be <br />$2,059.50/month ($24,714 - 12 = $2,059.50). The total rent will then be $3,971 per month <br />($1,912.50 + $2,059.50 = $3,972). This rent increase took effect on August 1, 2009. The <br />increase is $706.00 per month. That increase needs to be collected for August-December, 2009 <br />and amounts to $3,530. Please remit that additional payment within 30 days of receipt of this <br />correspondence and commence paying the new monthly rental amount with the January, 2010 <br />rent. <br />Please feel free to contact either myself or Sean Sullivan if you have questions regarding the <br />above. <br />Very ruly yours, L~ - <br />'lam <br />William K. Go dri h <br />WKG/gb ~ <br />cc: Sean Sullivan, Economic Development Coordinator <br />