Fiscal Note
The proposed resolution authorizes the execution of an amended and restated Operating Easement at the Village on Park for the Goodman South Madison Library. The Library is responsible to pay its pro rata share of the common area maintenance (CAM) costs for the Village on Park, which is wholly owned and operated by the Community Development Authority of the City of Madison (CDA).
The Easement changes the methodology to allocate the CAM costs, revises the payment for CAM costs from a single annual payment to a monthly payment and adds other reasonable costs (security, PILOT taxes, and stormwater/urban forestry) to the CAM charges.
The CAM costs in 2021 were $3,627. The 2022 costs are estimated to be $11,800. The Library 2022 adopted operating budget does not include funding for Goodman South Library CAM costs. The Library is anticipating a credit for the Pinney Library CAM charges of approximately $20,000. This credit will offset the unanticipated Goodman South Madison CAM charges.
The costs for 2023 - 2025 are estimated at $17,500 - $26,700.
Title
Authorizing the Execution of an Amended and Restated Operating Easement at the Village on Park for the Goodman South Madison Library. (14th AD)
Body
WHEREAS, the Goodman South Madison Library condo unit (the “Library”) is subject to the South Madison Community Condominium Declaration, which was recorded on March 5, 2010 as Document No. 4639192 with the Dane County Register of Deeds (the “Declaration”);
WHEREAS, the Declaration is subject to the Operation and Easement Agreement dated March 26, 2009 and amended on March 8, 2013, recorded as Document Numbers 4525865 and 4968445, respectively with the Dane County Register of Deeds (collectively the “Operating Easement”);
WHEREAS, per the Operating Easement, the Library is responsible to pay its pro rata share of the common area maintenance costs (the “CAM Charges”) for the Common Areas located on the Village on Park, 2300 S. Park Street, which is wholly...
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