Resolution 6648 - Laserfiche WebLink

Home Browse Search

• RESOLUTION'NO.6648 CITY OF MOUNDS VIEW COUNTY OF RAMSEY • STATE OF MINNESOTA APPROVING VARIOUS LEASES BETWEEN MEDTRONIC, INC. AND CLEAR CHANNEL OUTDOOR, INC., AND THE CITY OF MOUNDS VIEW AND CLEAR CHANNEL OUTDOOR, INC. FOR OUTDOOR ADVERTISING SIGNS LOCATED NORTH OF STATE HIGHWAY 10 IN THE CITY OF MOUNDS VIEW WHEREAS, the City of Mounds View is the owner of the real estate known as The Bridges of Mounds View Golf Course, and that the City has previously authorized Clear Channel to construct and maintain six billboards along State Highway 10 and I-35W; and WHEREAS, Clear Channel is the lessee and the City is the lessor pursuant to six leases, each of which is dated March 26, 2001 and each of which authorizes Clear Channel to construct and maintain a separate outdoor advertising sign on a portion of the golf course; and WHEREAS, the Bridges Golf Course is located within an economic development district (District No. 5) which was created by the EDA and approved by the City on August 22, 2005; and WHEREAS, on August 31, 2005 the EDA and Medtronic entered into a Purchase Agreement and Contract for Private Development ("Contract") under which the EDA has agreed to sell the golf course to Medtronic, and Medtronic has agreed to purchase the 72.2 acre golf course and to construct a major office, research and development facility if Clear Channel will agree to remove signs 2, 3, 4 and 5 from the golf course site; and WHEREAS, on August 31, 2005 the City and Clear Channel entered into an Acquisition and Relocation Agreement ("Agreement") under which Clear Channel agrees to remove the four signs, to seek approval for relocating one sign (Sign 7) on the former Sysco property and to maintain Signs 1 and 6; and WHEREAS, effective upon the transfer of the golf course property from the EDA to Medtronic, the existing sign leases for Signs 1 and 6 will be modified to reflect Medtronic as the lessor and Clear Channel as the lessee, with an assignment of all rents to the City, and Medtronic as the lessor and Clear Ghannel as the lessee for Signs 2, 3, 4 and 5, with all such leases consistent with the terms of the Contract and Agreement; and SJR-269112v3 MU205-30