Fiscal Note
Annual rent payable during the extended lease term will be $400.00 and will increase by $50 for any subsequent renewal term. Rent will be credited to the Parks Division's operating budget revenues, account No. GN01-74240-617170.
Title
Authorizing the Mayor and City Clerk to execute an amendment to the lease with the University of Wisconsin, Board of Regents allowing for the UW’s continued placement and use of a floating dock system along the Lake Mendota shoreline within Marshall Park.
Body
WHERAS, the City of Madison currently leases to the University of Wisconsin, Board of Regents (“UW”) approximately 80 feet of Lake Mendota shoreline within the City’s Marshall Park, located at 2101 Allen Boulevard, allowing for the placement and non-exclusive use by the UW Men’s and Women’s crew teams of a floating dock system; and
WHEREAS, such lease is in the public interest as it facilitates public access to Lake Mendota; and
WHEREAS, the initial term of the lease was for the two-year period commencing on May 1, 2003 and expiring on April 30, 2005; and
WHEREAS, in accordance with the terms of the lease, the UW exercised its two (2) renewal options, with the lease being extended to April 30, 2009; and
WHEREAS, the UW desires to continue its use of the floating dock system in Marshall Park and has requested an extension of the lease term; and
WHEREAS, the terms of a lease amendment have been negotiated between staff from the UW and the City’s Parks Division and Office of Real Estate Services, and a lease amendment has been prepared by the Office of Real Estate Services.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute an amendment to the lease with the University of Wisconsin, Board of Regents (“UW”) for approximately 80 feet of Lake Mendota shoreline within the City’s Marshall Park, located at 2101 Allen Boulevard (the “Leased Premises”), on the following terms and conditions:
1. The term of the lease shall be exte...
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