Laserfiche WebLink
. . . <br /> COUNCIL COMMUNICATION FORM <br /> Economic & Urban Development Department Memorandum <br /> # 01-12 <br /> Date: February 14, 2001 <br /> TO: Honorable or Terry M. Howley and City Council Members <br /> FROM: Steve Garm ity Manager <br /> A.J. Krieger . sistant City Manager <br /> SUBJECT: Fannie May Lease Acquisition <br /> SUMMARY RECOMMENDATION: <br /> Staff recommends approval of this item. <br /> BACKGROUND: <br /> Attached to this memorandum is a resolution which, if approved, will authorize City staff to <br /> purchase the leasehold interest of the Fannie May/Archibald Candy Corporation from the 300 <br /> block(356) ofNorth Water. <br /> City staff has negotiated an agreement with the Fannie May Corporation for the purchase of its <br /> leasehold interest in, and relocation from, the 300 block of North Water. Our tentative agreement <br /> calls for the City to purchase Fannie May's leasehold interests which, with renewal options, ' <br /> extend to 2006, and for Fannie May to vacate the premises on or before Apri130, Z001. The cost <br /> to the City is $30,000. Final decisions regarding Fannie May's future downtown have not been ' <br /> made by the Corporation, at least two other downtown locations are being considered. <br /> POTENTIAL OBJECTION: <br /> City staffis not aware of any objection. <br /> INPUT FROM OTHER SOURCES: <br /> The resolution and proposed Lease Termination Agreement are attached to this memorandum. <br /> STAFF REFERENCE: <br /> If Council members have questions they may contact A.J. Krieger, 424-2727. <br /> BUDGET/TIME IMPLICATIONS: <br /> Pending approval, this acquisition will be funded through the City's line of credit, and actually <br /> occur on or about Fannie May's move-out date. <br />