Fiscal Note
The proposed resolution authorizes a ten-year parking lease, with the option to extend twice for five years per extension, with Bakers Place SPE LLC for permits to the South Livingston Street Garage. Revenues from the lease will vary depending on the number of permits used by the lessee, specific options contained in the lease, and applicable garage rates. At current garage rates, revenues from the lease are expected to range from $36,960.00 to $92,400.00 annually. Revenues from the lease support the Parking Fund and are included in the Parking Division budget.
Title
Authorizing the Mayor and City Clerk to execute an agreement with Bakers Place, LLC for 20-50 parking permits at the South Livingston Street Garage. (District 6)
Body
WHEREAS, Baker’s Place is a building located at 10 S Paterson Street in Madison; and
WHEREAS, Bakers Place SPE LLC is the enterprise managing that building’s residential business; and
WHEREAS, Bakers Place SPE LLC has requested a 10-year parking lease term with the option of two (2), five (5) year extensions at the South Livingston Street Garage; and
WHEREAS, the lease will provide for twenty (20) to fifty (50) parking permits that allow for 24/7 access at the South Livingston Street Garage; and
WHEREAS, the terms of the lease have been negotiated by Bakers Place SPE LLC and Parking Division management.
NOW, THEREFORE, BE IT RESOLVED, that the Mayor and City Clerk are authorized to execute a lease agreement with Bakers Place SPE LLC for twenty (20) to fifty (50) parking permits at the South Livingston Street Garage.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk are hereby authorized to execute any and all documents that may be required to complete this lease transaction in a form approved by the City Attorney.