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• <br />• <br />• <br />POLICY H4 <br />11/09/05 <br />ITEM: Consideration of amended lease agreement between City and BP/Amoco <br />SUBMITTED BY: Roger Knutson, City Attorney <br />Heather Worthington, City Administrator <br />EXPLANATION: <br />Summary: In 1992, the City negotiated a lease with Amoco Corporation for a lease of the <br />portion of Snelling Avenue right-of--way adjacent to the east boundary line of their property at <br />1691 N. Snelling Avenue. This land was turned back to the City by MnDOT in 1992, and the <br />City agreed to lease that portion of the turn back to Amoco to assist them in making site <br />improvements to their property. <br />BP/Amoco is now requesting that the City record a memorandum of the lease in order to obtain <br />title insurance. The memorandum is recorded in lieu of recording the actual lease and reduces <br />recording fees for the requesting party (BP Amoco). <br />ATTACHMENTS: <br />• Letter from Donna M. Simpson, Attorney, BP America Inc. <br />• Memorandum of Lease <br />• Site Plan showing leased area (1992) <br />ACTION REQUESTED: <br />• Discussion <br />• Approval of Lease <br />-CHG02:40069922.v1 X9/28105 ] 1:33 AM <br />23 <br />