Fiscal Note
This resolution authorizes a lease agreement allowing a body shop to continue to operate on newly acquired City property until a replacement body shop is completed. The City would receive $4,500 per month over the term of lease, which would be deposited into the TID #36 fund. No appropriation is required.
Title
Authorizing the execution of a lease with East Washington LLC for a building with ancillary parking located at 802 East Washington Avenue.
Body
The City of Madison executed a Purchase and Sale Agreement (the “PSA”) with East Washington LLC (the “Seller”) for the purchase of a parcel located at 802 East Washington Avenue (the “Property”). The Seller is currently operating a body shop with ancillary parking in a building (the “Building”) on the Property. Under the terms of the PSA the Seller must vacate the Property prior to closing on the purchase. The Seller is building a replacement body shop which will not be completed prior to closing. The Seller has requested that the City lease the Building and ancillary parking until such time as the replacement body shop is completed. The terms of a lease have been negotiated by the Office of Real Estate Services.
NOW THEREFORE BE IT RESOLVED that the Common Council hereby authorizes the execution of a lease between the City of Madison (the “Lessor’) and East Washington LLC (the “Lessee”) for a building and ancillary parking area (the “Leased Premises”), as shown on the attached exhibit, located on a parcel of land to be acquired by the City, on the following terms and conditions:
1. Use. The Leased Premises shall be used solely for the Lessee’s operation of a body shop and ancillary vehicle parking. The Leased Premises shall be used exclusively by the Lessee and the employees, customers and vendors of the Lessee. No exterior storage is permitted on the Leased Premises without the prior written approval of the Lessor.
2. Term. The term of the Lease shall be month to month commencing on t...
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