Item Coversheet

Board Action Request
18-0318


Item Description:
Agmt A189043 with United Properties for use of stalls in Target Field Station ramp
Resolution:

BE IT RESOLVED, that Agreement A189043 with United Properties for use of a set number of parking stalls in the Target Field Station parking ramp be approved; that the Chair of the Board be authorized to sign the Agreement on behalf of the county; and the Controller be authorized to receive and disburse funds as directed.

Background:

In 2014, the County opened Target Field Station. The project was funded in part with private partners including the Minnesota Twins, Target and United Properties. As part of the public-private development agreement, United Properties paid the County for an option to purchase and develop adjacent property that was known as Parcel A. United Properties did purchase that property and is now constructing a hotel and entertainment complex next to Target Field Station. 

United Properties also paid the County for certain rights to use up to 250 parking spaces in the ramp at market rates. In the proposed Agreement, United Properties is agreeing to use 90 spaces at the market rate of $240/month. That amount may decrease to 40 spaces or increase to 150 spaces at United Properties’ option. County staff will work with United Properties on access cards, signage and similar details. It is anticipated that these parking rights will be assigned to the entity purchasing the hotel on Parcel A. 

Recommendation from County Administrator: Recommend Approval