Fiscal Note
The proposed resolution authorizes the lease of a City owned parcel for parking purposes. Annual rent payable for the first lease year shall be in the amount of $3,082.35 and shall be deposited into the General Fund (Munis Charge Code 63026). Rent shall be subject to a 5% increase every 5 years.
Title
Authorizing the Mayor and City Clerk to execute a lease with Chandler Properties, L.L.C. allowing for the use of the City-owned parcel located at 1430 East Washington Avenue for parking purposes.
Body
WHEREAS, the City is the owner of the parcel of land located at 1430 East Washington Avenue (the “City’s Property”), which property is former railroad right-of-way and was acquired by the City for future transportation purposes; and
WHEREAS, Chandler Properties, L.L.C. is the owner of abutting properties located at 1440 and 1444 East Washington Avenue (collectively, the “Abutting Property”); and
WHEREAS, Chandler Properties, L.L.C. desires to lease a portion of the City’s Property for the purpose of maintaining and operating a parking lot, which use shall be ancillary to the business operations at the Abutting Property.
WHEREAS, City of Madison Engineering Division staff have reviewed and approve of the lease arrangement.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a lease (the “Lease”) with Chandler Properties, L.L.C. (the “Lessee”), subject to the following terms and conditions:
1. The Lessee’s Abutting Property, the City’s Property, and the Leased Premises are described on attached Exhibits A, B and C, respectively, and are depicted on attached Exhibit D. The Leased Premises is improved with asphalt pavement and consists of approximately 9,742 sq. ft.
2. The term of the Lease shall be ten (10) years, commencing on December 1, 2016 (the “Effective Date”) and expiring on November 30, 2026. The Lease will automatically continue for successive terms of one (1) year each, unless otherwise terminated in acco...
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