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CC PACKET 06271995
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CC PACKET 06271995
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12/30/2015 6:25:07 PM
Creation date
12/30/2015 6:24:54 PM
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SP Box #
22
SP Folder Name
CC PACKETS 1994-1998
SP Name
CC PACKET 06271995
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*!�--'.'VILLAG E: PROPERTIES <br /> 2500 - 39th Avenue NE <br /> Minneapolis, MN 5542.1 <br /> April 26 , 1995 <br /> Mike Mornson <br /> City Manager <br /> City of St . Anthony <br /> 3301 silver Lake Rd . "-NE <br /> St . Anthony, MN .. 5541$ <br /> =Dear Mike : <br /> our company is .currently negotiating for the purchase of <br /> the American Monarch Building and also negotiating a lease <br /> agreement with a single user tenant. The proposed tenant <br /> is Industrial Custom Products , LTD , a 10 . 5 million dollar <br /> company doing business since 1977 in Moundsview. You have <br /> been provided . - with additional Company information <br /> separately The .-: company will bring 67 jobs to the <br /> initially nitially and expects to expand to 100 jobs in <br /> the future . Wan inducement to the tenant to occupy the <br /> property, the landlord is requested to make $200 , 000 of <br /> '=-_-:improvements to the building as follows : <br /> 1 . Provide . . full building sprinkling for fire <br /> protection. Estimated Cost $100 , 000 <br /> 2 . Provide office upgrading, principally floor <br /> coverings and ceiling replacement . <br /> Estimated Cost $50 , 000 <br /> 3 . Upgrade employee facilities , again with floor and <br /> ceiling treatments . Estimated Cost $25 , 000 <br /> 4 . Upgrade.' exterior appearance with landscaping and <br /> paint . Estimated Cost $25 , 000 ' <br /> With . these improvements , the tenant is willing to execute <br /> a. lease for a seven year term. <br /> The proposed purchase is summarized as follows : <br /> i. Purchase Price $1 , 000 , 000 <br /> 2 . Improvements . 200 , 000 <br /> .;:.._ <br /> 3 . Soft Costs and initial Repairs 120 , OQo <br /> `:" J .,Total Acquisition Costs $1 , 320 , 000 <br />
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