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Res_11487
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Last modified
2/20/2018 2:49:32 PM
Creation date
2/20/2018 2:47:43 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
1/29/2018
Resolution #
11487
Resolution Title
Resolution Approving the Purchase/Sale of Certain Land by the City of Roseville
Resolution Date Passed
1/29/2018
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i <br /> I <br /> PROPERTY MANAGEMENT AGREEMENT <br /> THIS AGREEMENT made and entered into as of the day of by and between City of <br /> Roseville(hereinafter called"Owner")and Gaughan Enterprises,Inc.,a Minnesota Corporation d/b/a <br /> Gaughan Companies(hereinafter called "Manager"). <br /> WITNESSETH <br /> WHEREAS,Owner is the owner of Lexington Shoppes located at 2719 N Lexington Ave Roseville, <br /> MN SS113 (hereinafter called"Property");and <br /> NOW,THEREFORE,inconsideration of the sum of one dollar($1.00)in hand each paid to the <br /> other,the receipt and sufficiency of which is hereby acknowledged,and other considerations <br /> hereinafter set forth,the parties hereto agree to the other as follows: <br /> 1, Owner does hereby designate and appoint Manager as the exclusive property manager for the <br /> Property. Owner shall,from time to time,designate an individual to whom Manager shall <br /> report with respect to the management of the Property. <br /> 2. The term of this Agreement shall commence Upon closing of Purchase Agreement by and <br /> between City of Roseville and Roseville Center Limited Partnership and shall continue through,a <br /> minimum of twelve(12)months;provided,however,that the term shall be automatically <br /> renewed from month-to-month thereafter until the Agreement Is either extended or terminated <br /> by either party in accordance with the subsequent provisions hereof(such initial period and any <br /> renewal period hereinafter collectively,the"Term"). <br /> 3. Manager shall,during the Term, perform the following property management duties with <br /> respect to the Property,in a diligent and efficient manner and subject to the restrictions <br /> hereinafter set forth: <br /> A. Submit an operating budget within a mutually agreed upon timeline which shall outline <br /> the management staff contemplated,the nature of outside contracts to be obtained, <br /> the plans and procedures to be utilized in the operation of the Property and special <br /> projects. After approval of the operating budget by Owner,Manager agrees to operate <br /> the Property in accordance with the operating budget and not to significantly deviate <br /> from these without Owner's prior approval. <br /> B. Provide Owner with monthly reports detailing both the financial and physical status of <br /> the Property and maintain an on-going list of open items undertaken in the <br /> management of the Property. <br /> 1 <br />
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