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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Fischer and Members of the City Council <br /> <br />FROM: Bryce Shearen, City Administrator <br /> <br />DATE: September 10, 2025 <br /> <br />RE: Approve Memorandum of Understanding for 2884-2886 Centerville Road Lease <br />Buyout <br /> <br /> <br />ACTION TO BE CONSIDERED: <br />Motion to approve Memorandum of Understanding for 2884-2886 Centerville Road Lease Buyout <br />between JM, LLC and the City of Little Canada. <br /> <br />BACKGROUND: <br />In accordance with Council direction from the closed session on August 24, staff, in consultation with <br />the City Attorney, staff has prepared a Memorandum of Understanding (MOU) for a potential lease <br />buyout and have presented it to JM, LLC. This MOU is a non-binding draft agreement. <br /> <br />JM, LLC has reviewed the MOU and has agreed to the terms and signed the document. <br /> <br />If the City Council approves the MOU, the next steps will be for the City Attorney to draft binding <br />documents that will need to be signed by JM, LLC, and approved by the City Council at a future <br />meeting. <br /> <br />STAFF RECOMMENDATIONS: <br />Staff recommends the Council approve the Memorandum of Understanding for 2884-2886 <br />Centerville Road lease buyout between JM, LLC and the City of Little Canada. <br /> <br />ATTACHMENT: <br />• Memorandum of Understanding