Agenda - Economic Development Authority - 02/10/2022

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al LLC igit STANDARD OUTDOOR SIGN LEASE 430° 3th Ave So Suit, 375 031621 Fargo, ND 58103 SECTION I: AGREEMENT Agreement of lease made this day of of 2022, by&between City of Ramsey as Lessor, and iDigital Outdoor, LLC, as Lessee. SECTION II: I LOCATION OF SIGN STRUCTURE Sign Address: XXXX HWY 10 NW City: Ramsey State: MN Zip: 55303 Property Identification Number(PIN): 28-32-25-43-0008 Legal Description: Part of Outlot A, The Diamonds Addition Name: County: Anoka State: Minnesota Tax Parcel #: 28-32-25-43-0008 SECTION III: I LESSOR/LESSEE INFORMATION Lessor: CITY OF RAMSEY Lessee: IDIGITAL OUTDOOR, LLC Address: 7550 Sunwood Dr NW Address: 4302 131h Ave So, Suite 4375 Ramsey, MN 55303 Faro ND 58103 Contact: Kurtis G. Ulrich Contact: Josh Gilleland Phone: I Phone: 1 701.369.6100 Email: KUlrich ci.ramse .mn.us I Email: I josh@idiclitaloutdoor.com SECTION IV: I LEASE TERM - RENTAL/ADVERTISING PAYMENTS Term: This Lease is for an initial term of 20 years. The Lessee will have the option to renew this Lease for two additional ten year terms which will automatically renew unless notice is given by Lessor two months before the expiration of the Lease term. Notwithstanding any other provision herein,this Lease shall terminate upon written notice from Lessor and Lessee shall have 30 days to cure if the digital sign ceases to display images and the screen is black or blank for a time period of 14 consecutive days due to a malfunction, lack of maintenance or if the Lessee has become operationally defunct unless said cessation is caused by the act or omission of Lessor. A termination notice cannot be issued in the event the sign was damaged by an outside force, natural disasters, or acts of God. If the sign becomes damaged by an outside force,the Lessor and Lessee will work together to create a reconstruction plan,which may be 120 to 180 days depending on supply side issues at the time of the sign damage. If Lessee decides not to rebuild, notice will be given to Lessor and this Lease will terminate. Payment: Lessor will be paid monthly at a rate of 25% of the gross monthly billing per month. Payments to Lessor will commence 60 days after the billboard goes live.Two years after billboard goes live,a minimum payment of$1,500/ month ($18,000/year) shall be made by the Lessee to the Lessor. Special Condition(s): Lessee agrees to reserve up to 8 slots of the advertisement inventory for Local Business Enterprises, in the event this inventory is not sold within 120 days, Lessee reserves the right to open that inventory for sale to entities outside of Ramsey city limits. Lessee will work in good faith with the city of Ramsey to prioritize local businesses that wish to advertise on the billboard. Lessee agrees to allow City of Ramsey to use advertising space on the Ramsey billboard for Public Service Announcements (PSA)as inventory is available; Lessee will do its best to accommodate any PSA requests. Lessee agrees to allow the City of Ramsey to advertise up to 1 slot each on its St Cloud Network and Northern MN network at no cost based on open inventory. Lessee will raise advertising rates annually based upon prime and/or market conditions. Local Business Enterprises or"LBE" will have a special rate, called the"local rate". The local rate shall be 33% less than the standard rate card rates as published by Digital annually. An LBE shall be defined as a business headquartered or which maintains a Substantial Local Office that performs the significant functions of the business in the City of Ramsey or a business of which at least 51%of the stock, equity, or beneficial interest is owned, held,or controlled and whose day-to-day management is under the control of an individual residing in the City of Ramsey.All businesses in the COR shall also carry an LBE designation. There is no formal certification process for LBE designation and it is determined and assigned based upon the criteria referenced in this definition. Lessee further agrees to give the City of Ramsey open inventory for free on Lessees other networks to advertise events and announcements. In light of Lessor's status as a governmental entity, Lessee agrees political advertisements, meaning advertisements appealing for votes for or against a candidate or issue in any election campaign will be treated with equal opportunity and be unbiased to any one party. This will include equal inventory offerings and equal rates to all political parties. Lessee further agrees to prohibit advertisement of adult use businesses or products sold or marketed by adult use businesses as such businesses are defined in Section 117-1 of the City Code, as well as advertisement of tobacco products, including cigarettes, e-cigarettes, chewing tobacco, cigars and vapor products, and any advertisement that promotes the use or consumption of such products . Lessee agrees to place on the sign pedestal permanent City of Ramsey verbiage and logo visible from both directions on Highway 10. Lessee's sign erected pursuant to this Lease is subject to Ramsey City Code§ 117-463(f)(b-d). SECTION V: I CONSTRUCTION OF SIGNS The Lessee will have the right to erect, place and maintain advertising sign structures and equipment at Lessee's own expense on the demised remises and post, paint, illuminate and maintain advertisements on such structures. All structures equipment and materials placed u on the