Fiscal Note
This resolution authorizes a one-month extension of the deadline for the sublessee to renew the sublease. The deadline extension has no budgetary impact.
Title
Authorizing an amendment to the sublease with Madison Community Health Center, Inc., a/k/a Access Community Health Centers, for space within the South Madison Health and Family Center.
Body
WHEREAS, 0n December 23, 2004, the Community Development Authority ("CDA") acquired the Villager Mall located at 2202-2328 South Park Street (the "Villager") and assumed all interest as lessor in and to all of the Villager leases; and
WHEREAS, the City of Madison ("City") is the lessee of approximately 36,500 square feet of space within the Villager for the South Madison Health & Family Center (the "SMHFC"), pursuant to that certain lease with the CDA dated February 1, 1995; and
WHEREAS, pursuant to a sublease dated November 28, 1995 (the "Sublease"), the City is subleasing approximately 6,241 square feet of space located within the SMHFC to Madison Community Health Center, Inc., a/k/a Access Community Health Centers ("Access"); and
WHEREAS, the initial term of the Sublease was for the ten (10)-year period running from October 16, 1995 through October 31, 2005; and
WHEREAS, pursuant to a First Amendment to Sublease dated December 8, 2005, the initial term of the Sublease was extended for the one (1)-year period ending October 31, 2006; and
WHEREAS, pursuant to the terms of the Sublease, Access has two (2) options to renew the Sublease for successive terms of five (5) years each; and
WHEREAS, the deadline for Access to exercise its first renewal option is April 30, 2006;and
WHEREAS, Access has requested that the renewal deadline be extended to May 31, 2006 to provide additional time for space needs planning and renegotiation of the Sublease; and
WHEREAS, the City's Real Estate Section has reviewed such request and recommends that such extension be granted.
NOW, THEREFORE, ...
Click here for full text