The Osseo City Council terminated lease agreements from 2001 for city hall improvements at its Monday, July 14, meeting.
This termination is necessary for the upcoming police addition to city hall.
The council also approved the closing of a portion of Fifth Street N.W.
Here are some of the meeting’s highlights.
City Attorney Loren Magsam said the financing for the improvements made to City Hall in 2001 was a ground lease agreement and a short form lease between the city and the Economic Development Authority (EDA). He added these ground leases were refinanced several years ago.
“These two [leases] still appear in title and need to be removed so that the police addition building can be financed,” he said.
The leases are no longer needed as security for the bond holders.
Magsam said the current police addition project that will be attached to City Hall will be funded in a similar fashion with new leases.
The council unanimously approved the termination of the ground lease agreement dated Aug. 1, 2001, and recorded Aug. 23, 2001, with the Office of the Hennepin County Recorder and the termination of the short form lease with option to purchase agreement dated Aug. 1, 2001, and recorded Aug. 23, 2001, with the Office of the Hennepin County Recorder.
The council also unanimously approved authorizing the mayor and administrator to execute and deliver such termination of ground leas agreement and short form lease with option to purchase agreement and cause the termination to be filed in the Office of the Hennepin County Recorder.
The council also unanimously approved the temporary closing of Fifth Street N.W., between Central Avenue and First Avenue N.W.
The Five Central project construction takes the entire block and there is no room available on site to park equipment. The contractor requested the city to temporary close the street to normal traffic.
“With the Five Central project and starting this week with the police [addition], the developer of the apartment, and the city agrees, that we temporarily close that block,” City Administrator Doug Reeder said. “We think it would be a good safety measure to close that road.”
He added that when the snow falls, staff would work with Public Services crews so that the road could be plowed enough to equipment through.
Reeder said he believed the road would be closed through 2015.
Councilor Mark Schulz asked, “What’s the target opening date for the police station at this point in time?”
Reeder said it would be in December. He added, “We would certainly want to open the street up for the police to get out of their garage.”
In other action, the council:
AUTHORIZED the execution and delivery of a lease with option to purchase agreement and ground lease agreement and allocating small issuer rebate exception authority. This will help secure the financing for the construction of the police addition to city hall.
APPROVED the renewal of franchise agreement with Comcast and the Northwest Suburbs Cable Commission.