City of Madison - File #: 03816

• File #: 03816
• Version: 2
• Name: Authorizing the execution of a Property Management Agreement with Meyer Realty and Management, Inc. for a City-owned 129-unit apartment complex located on Allied Drive.
• Type: Resolution
• Status: Passed
• File created: 5/31/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/20/2006
• Final action: 6/20/2006
• Enactment date: 6/22/2006
• Enactment #: RES-06-00541
• Title: AMENDED - Authorizing the execution of a Property Management Agreement with Meyer Realty and Management, Inc. for a City-owned 129-unit apartment complex located on Allied Drive.
• Sponsors: Kenneth Golden

Date	Ver.	Action By	Action	Result
6/20/2006	2	COMMON COUNCIL	Adopt With Amendment(s)	Pass
6/12/2006	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
6/6/2006	1	COMMON COUNCIL	Refer
6/6/2006	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
5/31/2006	1	Community and Economic Development Unit	Fiscal Note Required / Approval
5/31/2006	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
5/31/2006	1	Community and Economic Development Unit	Referred for Introduction

Fiscal Note
Services performed under this management agreement are expected to cost approximately $140,000 during the next 18 months, offset by rental revenues collected until individual apartment units are vacated. The net costs associated with this contract will be accounted for in the TID #29 fund and financed with general obligation debt to be repaid with future TIF district revenues.
Title
AMENDED - Authorizing the execution of a Property Management Agreement with Meyer Realty and Management, Inc. for a City-owned 129-unit apartment complex located on Allied Drive.
Body
WHEREAS, on May 16, 2006 the City of Madison acquired a 129-unit apartment complex located at 2317-2333, 2345-2355 and 2409-2437 Allied Drive ("Property"); and

WHEREAS, on April 18, 2006 the Common Council adopted a resolution (Enactment No: RES-06-00366)) which authorized City staff, contingent upon City acquisition of the Property, to negotiate an agreement for the ongoing management and maintenance of the Property and that the proposed agreement be brought before the Common Council for further action; and

WHEREAS, previous to the acquisition by the City the Property had been managed by Meyer Realty and Management, Inc. ("Manager"); and

WHEREAS, City staff wishes to have the Manager retained as managing agent for the Property and the Manager wishes to be so retained; and

WHEREAS, the terms and conditions of a property management agreement for the Property have been negotiated between City staff and the Manager.

NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a Property Management Agreement ("Agreement") with Meyer Realty and Management, Inc. ("Manager") for the management of a City-owned 129-unit apartment complex located at 2317-2333, 2345-2355 and 2409-2437 Allied Drive ("Property"), as shown on the attached Exhibit A, on the following terms and conditions:


1. TERM OF AGREEMENT. Subject to the termination rights set fort...