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Shakopee Economic Development Authority
August 2, 2023
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| | | | | | | | | FROM: | Michael Kerski, Planning/Development Director | | TO: | President and Board Members |
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| | | | | | | | Subject:
Lease for TOP STAR at River City Centre |
| | | | | | | | Policy/Action Requested:
Approve Lease for Top Star at $20 per square foot with .50 increases for each year after for a total period of five years. |
| | | | | | | | Recommendation:
Approve lease terms and authorize the Executive Director and President to execute the lease documents. |
| | | | | | | | Discussion:
Staff has worked with the tenant on a new lease that will be created by our outside counsel for River City Centre, Michael Klemm. The rate will begin this August at $20 per square foot and increase annually .50.
2023-2024 $20.00
2024-2025 $20.50
2025-2026 $21.00
2026-2027 $21.50
2027-2028 $22.00 |
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