City of Madison - File #: 21435

• File #: 21435
• Version: 1
• Name: 839 Yahara Assoc. Lease First Amendment
• Type: Resolution
• Status: Passed
• File created: 2/16/2011
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 3/15/2011
• Final action: 3/15/2011
• Enactment date: 3/16/2011
• Enactment #: RES-11-00219
• Title: Authorizing a first amendment to the lease between the City of Madison and Yahara Square Associates, LLP within the East Rail Transportation Corridor.
• Sponsors: Marsha A. Rummel

Date	Ver.	Action By	Action	Result
3/15/2011	1	COMMON COUNCIL	Adopt	Pass
3/7/2011	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
3/7/2011	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
3/2/2011	1	BOARD OF PUBLIC WORKS	Return to Lead with the Recommendation for Approval	Pass
2/22/2011	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
2/22/2011	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
2/22/2011	1	COMMON COUNCIL	Referred
2/16/2011	1	Economic Development Division	Referred for Introduction

Fiscal Note
No expenditure is required.
Title
Authorizing a first amendment to the lease between the City of Madison and Yahara Square Associates, LLP within the East Rail Transportation Corridor.
Body
On March 15, 1994 the Common Council adopted a resolution (Resolution No. 50,930 ID No. 14,717) authorizing the execution of a lease (the “Lease”) between the City of Madison and Marquip, Inc. for the construction, maintenance and operation of a parking lot within the East Rail Transportation Corridor (shown on the attached exhibit as “Leased Premises”), which use was ancillary to Marquip, Inc.’s business operations at 1245 East Washington Avenue. On August 8, 2001 the City consented to the assignment of the Lease to Yahara Square Associates, LLP (the “Lessee”), the current owner of the property at 1245 East Washington Avenue. The Lessee has requested that the Lease be amended to: (1) change the Lease term, which currently is on a year-to-year basis, to a five (5) year term with the option to renew the Lease for two (2) successive two (2) year terms; (2) increase the minimum written notice of Lease termination from the City from one hundred eighty (180) days to one (1) year; and (3) limit the discretion of the City to terminate the Lease for any public use or purpose to public transportation purposes. The Lease will also be amended to replace existing clauses with current City Indemnification and Insurance and Lessee Waivers of Eminent Domain Benefits clauses. All other terms and condition of the Lease will remain in full force and effect.

NOW THEREFORE BE IT RESOLVED that the Common Council authorizes the execution of a first amendment to the lease (the “Lease”) between the City of Madison and Yahara Square Associates, LLP, as assigned on August 8, 2001, amending the Lease as follows:

1. Paragraph 2. Term of the Lease shall be amended such that the term of the Lease shall be five (5) years commencing upon such date as agreed to by the parties.

2. Paragra...