A SYNOPSIS OF THE MEMORANDUM OF UNDERSTANDING (MOU) BETWEEN THE CITY AND THE MPRB FOR THE DOWNTOWN EAST LAND
The purpose of this synopsis is to provide a succinct summary of the terms of the MOU agreement, which the Park Board approved on December 17, 2014.
Currently Ryan owns the Downtown East land and will own it until 2016 when it turns the Downtown East land over to the the City. The City will then “sell” the land to the Park Board for $1. The Park Board will then lease the land rent free to the City for 30 years with options to extend the lease to 50 years. In so doing, the Park Board will relinquish all control of the land.
As lessee, the City will be responsible for the Downtown East land. The City may create a conservancy with a governing board to oversee the development, maintenance and operation of the Downtown East land.
The City, the MSFA and the Vikings will have total control of the land. The Vikings and the MSFA can use the land whenever and as often as they want without having to pay either rent or license fees. At the end of the 30-50-year lease, the lease will terminate and the land is supposed to revert back to the Park Board as developed parkland.
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