Fiscal Note
Annual rent payable for the first lease year shall be in the amount of $29,782.50 and shall be deposited into the General Fund (Munis charge code 63026). Rent shall be subject to a 3% annual increase beginning on the first anniversary date of the lease.
Title
Authorizing the Mayor and City Clerk to terminate the existing lease and execute a new lease with Gateway Associates, for a portion of East Wilson Street right-of-way adjacent to the Gateway Shopping Center at 600 Williamson Street.
Body
WHEREAS, Gateway Associates, a Wisconsin general partnership (the “Owner”), is the owner of property located at 600 Williamson Street (the “Abutting Property”); and
WHEREAS, the Owner has an existing ground lease for a portion of East Wilson Street right-of-way for surface parking for his Abutting Property, and said lease terminates in September of 2016; and
WHEREAS, the Owner desires terminate the existing ground lease recorded on September 10, 1996 in the Dane County Register of Deeds Office as Document No. 2794900, and enter into a new lease with the City for surface parking and a dumpster enclosure, for the same leased area within East Wilson Street right-of-way; and
WHEREAS, the terms of a new Lease have been negotiated between the Office of Real Estate Services and Gateway Associates.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a Lease with Gateway Associates (“Lessee”) on the following terms and conditions:
1. The City shall terminate the existing lease as recorded on September 10, 1996 in the Dane County Register of Deeds Office as Document No. 2794900, and enter into a new lease with the Lessee for a portion of the East Wilson Street right-of-way, as legal described on attached Exhibit A and depicted on attached Exhibit B as the “Leased Premises”, which area is contiguous to the Lessee’s Property located at 600 Williamson Street (the “Abutting Property”).
2. The Leased Premises consists of approximat...
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