Fiscal Note
This Second Amendment to Sublease will result in an increase in Head Start's share of Operating Expenses and Real Estate Taxes payable under the Sublease from 13% to 20.98%, effective July 1, 2006. This equates to an increase in the 2006 annual rent from $63,953.40 to $103,210.94. This rent is paid directly to Siegel-Gallagher Management Company, which manages the South Madison Health & Family Center for the City and manages the Villager Mall for the CDA.
Title
Authorizing the Mayor and City Clerk to execute a Second Amendment to Sublease pertaining to the City's sublease of space to Dane County Parent Council, Inc. (a/k/a Head Start) within the South Madison Health & Family Center located within the Villager Mall.
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 "Premises"), pursuant to that certain lease with the CDA dated February 1, 1995; and
WHEREAS, pursuant to a Sublease dated November 3, 1995, as amended October 27, 2005, the City is subleasing approximately 8,160.24 rentable square feet of space (the "Subleased Premises") located within the Premises to Dane County Parent Council, Inc. ("Head Start"); and
WHEREAS, the original term of the Sublease was for the ten (10)-year period running from October 16, 1995 through December 31, 2005; and
WHEREAS, by notice dated June 29, 2005, Head Start exercised its first option to renew for the five (5)-year term commencing on January 1, 2006 and expiring on December 31, 2010; and
WHEREAS, Head Start desires to vacate some of its existing space in the Subleased Premises and to add to the Subleased Premises additional space loca...
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