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CC Work Session 2. 1. <br />Meeting Date: 06/25/2013 <br />By: Diana Lund, Finance <br />Title: <br />Consider Letter of Intent from Pact Charter School to enter into a lease agreement for warehouse space located at <br />6701 Highway 10. <br />Background: <br />Premier Properties, which now handles the property management of several properties on Highway 10 for the City, <br />has received a Letter of Intent from Pact Charter School, approved by their Board, to enter into a lease agreement <br />for warehouse space at 6701 Highway 10. <br />Pact Charter School is proposing to lease a portion of the back storage area to store approximately ten school <br />buses. The proposal asks for approximately 420 square feet of heated storage space on the east side of the building <br />(Exhibit A in attachment) and approximately 5,040 square feet of cold storage space (Shown also in Exhibit A). <br />Access to both the East and West loading doors (doors 2,3,4,13,14,15 and 12(heated bay) are needed) <br />Pact is proposing a $1 per square foot and their share of electrical costs. Per Marty Fisher, of Premier Properties, <br />current market rate is around $1.50 per square foot, but is difficult to determine an exact price for a specific <br />property. <br />Pact is proposing to make the following modifications at their expense: Add electrical operators on each garage <br />door and additional electrical to power engine block heaters for the buses. An electrical sub -meter would be <br />installed to monitor electrical usage. <br />Notification: <br />Marty Fisher from Premier will be present at the worksession to discuss the terms of the Letter of Intent. <br />Recommendation: <br />Property Management's recommendation is to approve. <br />Funding Source: <br />Building was funded with RALF (Right -of -way Acquisition Loan Fund) dollars and any excess revenue, less <br />administrative and maintenance expenses, must be returned to the RALF. <br />Council Action: <br />Approve /Deny Pact Charter School Letter of Intent. This item is on the consent agenda of the June 25 City Council <br />meeting. If action is to Approve Letter of Intent, a Lease Agreement between Pact Charter School and the City of <br />Ramsey will be prepared, subject to the review and approval of the City Attorney. If the action is to deny Letter of <br />Intent, staff will follow council direction of any further steps, if any. <br />LOI Pact Charter School <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 06/19/2013 03:21 PM <br />Form Started By: Diana Lund Started On: 06/19/2013 09:14 AM <br />