HomeMy WebLinkAboutResolution 7844 RESOLUTION 7844
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
APPROVING THE THIRD AMENDED AND RESTATED LEASE AGREEMENT
BETWEEN THE CITY OF MOUNDS VIEW, MEDTRONIC AND CLEAR CHANNEL
WHEREAS, the City Originally entered into a lease agreement with Eller Media
Company(later to be acquired by Clear Channel Outdoor) on March 26, 2001, to allow for
the construction of a billboard on land the City had operated as a municipal golf course;
and,
WHEREAS, after conveying the golf course property to Medtronic, the billboard
lease agreement was amended (the first amendment) on October 24, 2005 to reflect the
change in ownership; and,
WHEREAS, the lease was again amended (the second amendment)on December
28, 2007, in consideration of a global release and settlement of all billboard related claims
on the property; and
WHEREAS, Clear Channel endeavors to convert the billboard to dynamic display
which necessitates an amendment to the lease agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds
View, that the lease agreement between Medtronic, Clear Channel and the City shall be
amended as follows:
1. Clause 8, regarding illumination, is amended to indicate that Clear Channel will
reimburse the City for its cost in acquiring a luminance meter.
2. Clause 10,which outlines the rent assigned to the City of Mounds View, shall be
replaced with language that reflects new payment provisions, such that the rent
increases to$50,000 for one LED face or$60,000 if both faces are converted to
LED; and in addition, the clause is amended to reflect the quantity of public
service messages provided to the City, amounting to 2,250 eight-second spots.
3. A new Clause 32 is added which indicates that Clear Channel will reimburse the
City for its legal fees associated with the review and preparation of the amended
and restated lease agreement.
4. Throughout the document, references to the SECOND amended lease shall be
revised to reflect THIRD amended lease, with the exception of the appropriate
recital language.
Resolution 7844
Page 2
Adopted this 24th day of October, 2011.
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ATTEST:
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James Ericson, City Administrator
(SEAL)