Excerpt: The board of the Hudson Area Joint Library on Monday night gave final approval to leasing 20,000 square feet of the Nuclear Management Co. building at the corner of First and Vine streets.
The 7-0 vote sets the ground for the city of Hudson to finalize its purchase of the NMC property. The library plans to move into the former corporate headquarters building in the spring of 2010.
The city had until Wednesday (Dec. 16) to inform Xcel Energy, owner of the building, whether it intended to go ahead with purchase. The city would lose $100,000 in earnest money if it backed out now.
The initial term of the library’s lease is for five years, beginning Jan. 1, 2010. The rental rate during the first year is $120,000, but the library will pay just $5,000 per month for the first three months.