Fiscal Note
This lease requires the City to pay initial annual rent of $42,804. Rent is subject to a 2.5% increase every year. Funding for 2016 shall be included in the Planning Division 2016 Executive Operating Budget. Funding beyond 2016 will be included in future operating budgets, subject to Council approval. Approximately 85% of the MPO’s budget is covered by federal/state funding. The lease cost in 2015 is $51,512.
Title
Authorizing the execution of a new lease with Spring Properties LLC for office space located at 121 South Pinckney Street for the Madison Area Transportation Planning Board - A Metropolitan Planning Organization, staff of which are part of the City’s Planning Division.
Body
WHEREAS, since January 2000, the Madison Area Transportation Planning Board - A Metropolitan Planning Organization (“MPO”), staff of which are part of the City’s Planning Division, have been operating from leased office space located at 121 South Pinckney Street; and
WHEREAS, the MPO’s current lease is scheduled to expire on December 31, 2015, and the City's Office of Real Estate Services has negotiated the terms of a new lease for the same premises with the landlord, Spring Properties LLC; and
WHEREAS, MPO staff have reviewed and approve of the lease terms.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a new lease (the “Lease”) with Spring Properties LLC (the "Landlord"), subject to the following terms and conditions:
1. The "Leased Premises" shall be Suite 400 on the fourth floor at 121 South Pinckney Street (the “Building”) consisting of approximately 2,378 leasable square feet. The Building is located upon real estate (the “Property”) more specifically described on attached Exhibit A.
2, The City shall have the right to use the "Common Areas” located in the Building, including the elevators, stairwells, restrooms, hallways, basement storage area, and all other areas or improvements which may be provided by the Land...
Click here for full text