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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: December 17, 2025 <br /> <br />Re: 2884-2886 Centerville Road – Lease Termination Agreement <br /> <br />Action To Be Considered: <br />Motion to approve, table, or deny the following: <br />• Lease Termination Agreement and Tenant Estoppel Certificates subject to minor <br />modifications by the City Attorney. <br />• Authorization for City Administrator and Mayor to sign the Lease Termination <br />Agreement between the City of Little Canada and JM LLC. <br /> <br />Background: <br />At the September 10, 2025, City Council meeting, the City Council approved a Memorandum of <br />Understanding (MOU). It was stated that once approved, the City Attorney would prepare legally <br />binding documents for signature by both the City of Little Canada and JM, LLC. <br /> <br />Because of the unique nature of the existing agreement, the City Attorney will also secure an <br />estoppel certificate to avoid future disputes or claims against the city. <br /> <br />Strategic Priority: <br />N/A <br /> <br />Source Of Funds: <br />Lease buyout funds will be from the Park Land Capital Fund (456). There are sufficient funds <br />available for this lease buyout. <br /> <br />Staff Recommendations: <br />Staff recommends the City Council approve the Lease Termination Agreement and Tenant <br />Estoppel Certificates, subject to minor modifications by the City Attorney, and authorize the City <br />Administrator and Mayor to sign the Lease Termination Agreement between the City of Little <br />Canada and JM, LLC. <br /> <br />Attachments: <br />• Lease Termination Agreement <br />• Tenant Estoppel Certificate <br /> <br /> <br />