Fiscal Note
The proposed resolution authorizes the execution of a first amendment to the lease for Meadowridge Library with Meadowood Baceline, LLC. The amendment authorizes a 5-year extension of the lease beginning 1/1/27 with 3 successive renewal options of two years each after the initial term. The amendment outlines a 3% increase to the rent in each year of the initial 5-year extension as well as in each year of the successive renewal options.
The costs outlined in the lease include 3,138 sq. ft. of shared space between the library and Meadowood Neighborhood Center, which is also leased by the City (operated by MSCR). The rent for Meadowood Neighborhood Center is paid through the Community Development Division's (CDD) General Fund operating budget. Madison Public Library pays 60% and CDD pays 40% of shared space costs (rent, common area maintenance (CAM), taxes).
The table below shows the increases to rent in the initial 5-year extension plus the estimated costs of CAM, taxes, and utilities for each agency. CAM, taxes, and utilities estimates are calculated as a 5% increase over the previous year.
Library 2027 2028 2029 2030 2031
Rent $101,520 $104,566 $107,703 $110,934 $114,262
CAM + Taxes + Utilities $50,969 $53,517 $56,193 $59,003 $61,953
Subtotal $152,489 $158,083 $163,896 $169,937 $176,215
CDD
Rent $12,288 $12,657 $13,037 $13,428 $13,831
CAM + Taxes $4,129 $4,335 $4,552 $4,780 $5,019
Subtotal $16,417 $16,993 $17,589 $18,208 $18,849
Total $168,907 $175,076 $181,485 $188,145 $195,065
Rent, CAM, taxes, and utilities costs will be built into the future operating budgets for the Library and CDD. No additional appropriation required.
Title
Authorizing the execution of a first lease amendment with Meadowood Baceline, LLC for the continued operation of the MEADOWRIDGE BRANCH LIBRARY at the Meadowood Shopping Center located on Raymond Road. (District 10)
Body
WHEREAS, the City of Madison (the “City”) and MLG Capital Meadowood ...
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