Fiscal Note
The proposed resolution authorizes the execution of a first amendment to the lease for Meadowood Neighborhood Center with Meadowood Baceline, LLC. The amendment authorizes a 5-year extension of the lease beginning 1/1/27 with 3 successive renewal options of two years each after the initial term. The amendment outlines a 3% increase to the rent in each year of the initial 5-year extension as well as in each year of the successive renewal options.
The City leases the space in which MSCR operates the Meadowood Neighborhood Center. The budget for rent, common area maintenance (CAM), and taxes is included in the Community Development Division's (CDD) General Fund operating budget.
The table below shows the increases to rent in the initial 5-year extension plus the estimated costs of CAM and taxes. CAM and tax estimates are calculated as a 5% increase over the previous year.
2027 2028 2029 2030 2031
Rent $58,153 $59,897 $61,694 $63,545 $65,451
CAM + Taxes $21,788 $22,877 $24,021 $25,222 $26,483
Total $79,941 $82,774 $85,715 $88,767 $91,934
Rent, CAM, and taxes costs will be built into the future operating budgets for CDD. No additional appropriation required.
Title
Authorizing the execution of a first lease amendment with Meadowood Baceline, LLC for the continued operation of the MEADOWOOD NEIGHBORHOOD CENTER at the Meadowood Shopping Center located on Raymond Road . (District 10)
Body
WHEREAS, the City of Madison (the “City”) and MLG Capital Meadowood LLC (current owner is Meadowood Baseline LLC (the “Lessor”)) are parties to a certain lease approved by the City on April 17, 2013-File No. 30958 and RES-13-00248. The lease is dated July 17, 2013 and recorded on July 26, 2013 with the Dane County Register of Deeds as Document No. 5010607 (the “Lease”); and
WHEREAS, the City and the Lessor desire to enter into a first amendment to the Lease (the “First Amendment”) to allow for the City’s continued use to operate the Meadowood Neighbo...
Click here for full text