Fiscal Note
Fiscal note pending.
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 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 17, 2013 with the Dane County Register of Deeds as Document No. 5010606 (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 Meadowridge Library Branch (the “MBL”) in the commercial building known as Meadowood Plaza (the “Shopping Center”) located at 5704-5750 Raymond Road; and
WHEREAS, the MBL’s Leased Premises space totals 11,625 sq. ft-approximately 8,487 sq. ft. of space is located at 5726 Raymond Road (the “MBL Space”) and 3,138 square feet of space located at 5734 Raymond Road (the “Shared Space”). The Shared Space is used jointly by the MBL and the Meadowood Neighborhood Center (the “MNC”). 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, thoug...
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