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CC Regular Session 4. 9. <br />Meeting Date: 06/25/2013 <br />By: Diana Lund, Finance <br />Information <br />Title: <br />Approve Letter of Intent With Pact Charter School to Lease Warehouse Space at 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) Pact is <br />proposing a $1 per square foot and their share of electrical costs. <br />Per Marty Fisher, of Premier Properties, current market rate is around $1.50 per square foot. Pact is proposing to <br />make the following modifications at their expense: Add electrical operators on each garage door and additional <br />electrical to power engine block heaters for the buses. An electrical sub -meter would be installed to monitor <br />electrical usage. The improvements would remain with the building. <br />Notification: <br />Pact Charter School Letter of Intent is attached. This item was presented to the City Council at a worksession <br />earlier in the evening. <br />Recommendation: <br />Based on the recommendation of the city's property manager, Premier Properties, to accept the $1.00 per square <br />foot proposal as the $1.00 per square foot would not be undercutting the market in Ramsey due to there not being <br />any other cold storage space on the market in Ramsey. <br />Funding Source: <br />RALF funded. Rent revenues are to be used within the RALF guidelines. <br />Council Action: <br />Motion to Approve the Letter of Intent, and authorize staff to prepare a lease agreement between Pact Charter <br />School and the City of Ramsey, subject to review and approval of the City Attorney. <br />LOI Pact Charter School <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 06/19/2013 03:24 PM <br />Form Started By: Diana Lund Started On: 06/19/2013 09:56 AM <br />Final Approval Date: 06/19/2013 <br />