Fiscal Note
The proposed resolution authorizes the Clerk's Office to execute a triple-net lease with Oakleaf Properties I, LLC for a 36-month lease term beginning June 1, 2026. The monthly rent is $4,395 for the first year and increases 3% annually for the second and third year of the lease. Additionally, the lease requires monthly Common Area Maintenance (CAM), estimated at $977 for the first year (subject to annual reconciliation). The total estimated lease cost is $198,726 comprised of rent ($163,014) and CAM costs ($35,712). The Clerk's Office and Finance will monitor the Clerk's operating budget to ensure funding is available for 2026 lease costs. If needed, an additional appropriation will be made available through the mid-year resolution to provide funds for 2026 lease costs. Funding for 2027 and 2028 lease costs will be built into the Clerk's operating budget requests. At this time, no additional appropriation is required.
Title
Authorizing the City’s execution of a lease for a 36-month term beginning June 1, 2026 between the City of Madison and Oakleaf Properties I LLC for the property at 2041 S Stoughton Rd for Clerks Office storage. (District 16)
Body
WHEREAS, the Elections Center / Clerks Office Facility Remodel project located at the Dane County Elections Center at 2002 Pankratz Street will be underway beginning in June 2026 and is expected to be a multi-year project; and
WHEREAS, the City of Madison Clerk’s Office is using a portion of 2002 Pankratz Street for storage of election equipment and supplies that must be vacated during the renovation of this building; and
WHERAS, the City of Madison and Oakleaf Properties I LLC desire to enter into a lease (the “Lease”) for the premises at 2041 S Stoughton Rd to allow for temporary storage of election equipment and supplies during said remodel project.
NOW THEREFORE BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a lease with Oakleaf Properties I LLC substantially though not exclusively, on the terms and conditions detailed in the Letter of Intent attached to this resolution as Exhibit I - Letter of Intent for a Lease.
BE IT RESOLVED that the Mayor and City Clerk are authorized to execute, deliver and record a Memorandum of Lease and take any other further action required to accomplish the purpose of this resolution in a form approved by the City Attorney.