Board approves lease assignment for RRA property in Excelsior; staff say leases renewed every five years
The board approved assignment of a rail-corridor lease in Excelsior from 500 NNL LLC to Tailwind 687 Excelsior LLC, an amendment to match a new survey and an adjusted rent; staff said the corridor has been leased since 2003 and similar leases are renewed every five years.
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Jessica Glatz of Transportation Project Delivery briefed the board on a consent item to approve assignment of a lease for Hennepin County Regional Railroad Authority property in Excelsior. Glatz said, “The lease is for a small building encroachment and access purposes,” and explained that owners have leased a strip of rail corridor since 2003; the current tenant sold their business to the proposed new tenant and requested assignment of the lease. The package before the board included an amendment to revise the leased-premises description to match an updated survey and adjust rent; staff noted receivables of $8,600.
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