Fiscal Note
No additional City appropriation required. The current rent schedule for the property began in 2012 starting at $4,500 with a two percent (2%) increase in each year thereafter. The first amendment to the ground lease rent schedule authorized in file 69489 and subsequently amended by file 74045 was not executed between the City and the Lessee due to construction delays for property improvements. According to the attached revised rent schedule, the ground lease amount will be $6,403 in 2025 based on currently-planned property improvements, and it will increase by two percent (2%) each year starting in 2026, resulting in an annual increase of approximately $466 in the first year.
Title
Amending Resolution 22-00745 Authorizing the First Amendment to Ground Lease for the residential structure located at 704 East Gorham Street, within James Madison Park, and authorizing an access easement over a portion of the City’s property at 728 East Gorham Street. (District 6)
Body
WHEREAS, on April 4, 2012, the City of Madison Common Council approved Resolution RES-12-00247 (Legistar #25054), accepting a proposal from Bob Klebba and David Waugh (collectively, the “Lessees”) for the purchase of the residential structure located 704 East Gorham Street, commonly known as the Collins House (the “Property”) and authorized staff to negotiate the final terms for the sale of residential structure and a lease of the land beneath it (the “Ground Lease”); and,
WHEREAS, on September 14, 2012, by Bill of Sale (Doc. #4913197) and Ground Lease (Doc. #4913196) the City sold the improvements and leased the land to the Lessees, the Ground Lease being attached hereto and incorporated herein; and,
WHEREAS, the Lessees wish to make certain improvements (“Improvements”) to the Property, including a reconfiguration of the access to the Property from N. Blount Street across an existing right-of-way (the “Lincoln School Access Drive”) over the City’s property located at 728 E. Gorham S...
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