Fiscal Note
The proposed resolution authorizes execution of the second notice of lease renewal and the first amendment to the lease for portions of City-owned land at 94 S. Dickinson St, 189 S. Baldwin St., and an inactive portion of E. Main St. right-of-way. The City leases the land for private parking purposes. The lessee is exercising its option to renew the lease for the two-year period beginning on July 1, 2026, as outlined in the original lease agreement. Rent collected during the two-year period beginning July 1, 2026 through June 30, 2028, will total $14,496. The first amendment agreed upon by the City and the lessee has a lease term beginning July 1, 2028. Annual rent payable for the first lease amendment year beginning July 1, 2028, shall be $10,362. Rent shall be subject to a 3% annual increase each year. Annual rent payable during the period outlined in the first amendment to the lease (July 1, 2028 - June 30, 2037) could total as much as $105,266 if all successive options are exercised by the lessee. No additional appropriation required.
Title
Authorizing the City’s execution of a First Amendment to Lease and Second Notice of Lease Renewal, pertaining to an existing lease for portions of City-owned land located at 94 S Dickinson St. and 189 S Baldwin St., as well as a portion of inactive E. Main St. right-of-way, for private parking purposes. (District 6)
Body
WHEREAS, the City of Madison (“City”) currently leases, for private parking purposes, the land legally described and depicted in Attachment A (“Leased Premises”), to Mullins Family, LLC, and Washington Gilman Limited Partnership (together, the “Lessee”), under the terms and conditions of the Lease authorized by File ID No. 57995, Resolution Enactment No. RES-19-00812, adopted by City Common Council on December 3, 2019; and
WHEREAS, the Lessee’s use of the Leased Premises is ancillary to its business operations at 1245 E. Washington Avenue; and
WHEREAS, the final renewal option in the Leas...
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