Fiscal Note
Fiscal note pending.
Title
Authorizing the execution of a first lease amendment with Meadowood Baceline, LLC for the continued operation of the MEADOWOOD NEIGHBORHOOD CENTER at the Meadowood Shopping Center located on Raymond Road . (District 10)
Body
WHEREAS, the City of Madison (the “City”) and MLG Capital Meadowood LLC (current owner is Meadowood Baseline LLC (the “Lessor”)) are parties to a certain lease approved by the City on April 17, 2013-File No. 30958 and RES-13-00248. The lease is dated July 17, 2013 and recorded on July 26, 2013 with the Dane County Register of Deeds as Document No. 5010607 (the “Lease”); and
WHEREAS, the City and the Lessor desire to enter into a first amendment to the Lease (the “First Amendment”) to allow for the City’s continued use to operate the Meadowood Neighborhood Center (the “MNC”) in the commercial building known as Meadowood Plaza (the “Shopping Center”) located at 5704-5750 Raymond Road; and
WHEREAS, MNC’s Leased Premises located at 5740 Raymond Road totals 5,940 square feet. The MNC also jointly uses 3,138 square feet of space located at 5734 Raymond Road (the “Shared Space”) with the Meadowridge Library Branch (“the MBL”). The MBL and the MNC share in the payment of Base Rent and other occupancy costs relating to the Shared Space in accordance with the agreed upon MOU with MSCR, the operator of the Meadowood Neighborhood Center; and
WHEREAS, all three Options to Renew, as defined in the Lease, were exercised by the City and the Lease will expire on December 31, 2026; and
WHEREAS, the City and the Lessor have agreed to the lease terms and conditions of a First Amendment to the Lease as outlined in this resolution.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute on behalf of the City (“Lessee”) a First Amendment to the Lease agreement with Meadowood Baseline LLC on substantially, though not exclusively, the terms and conditions attached to this resolution as Exhibit I - First Amendment to Lease.
BE IT FINALLY RESOLVED that the City’s Common Council hereby authorizes the Mayor and City Clerk to execute, deliver and record a First Amendment to the Lease and take any further action required to accomplish the purpose of this resolution in a form approved by the City Attorney.