Fiscal Note
The lease will provide revenues of $3,885 in 2008, credited to the City's General Fund, with the possibility of annual lease revenues for a period thereafter, depending on subesquent lease approvals.
Title
Authorizing the Mayor and City Clerk to execute a lease with Robert Weichmann for approximately 37 acres of City-owned land within Interstate Commerce Park, located north of Hoepker Road and west of Interstate 90-94.
Body
WHEREAS, the City of Madison owns approximately 40 acres of land in Interstate Commerce Park, located north of Hoepker Road and west of Interstate 90-94, which was acquired for future industrial park purposes; and
WHEREAS, Robert Weichmann is interested in farming approximately 37 acres under a lease agreement with the City of Madison; and
WHEREAS, the terms of a lease have been negotiated between Robert Weichmann and the Real Estate Section.
NOW THEREFORE BE IT RESOLVED, that the Mayor and City Clerk are authorized to execute a lease with Robert Weichmann ("Lessee") allowing for the use of an approximately 37-acre tract of land (the “Leased Premises”), as described below, for farming purposes, subject to the following terms and conditions:
The initial term of the lease shall commence as of January 1, 2008 and expire of December 31, 2008.
The lease may be renewed for subsequent one-year terms upon the agreement of the parties.
The Lessee shall pay the City of Madison (“City”) $105 per tillable acre, for an estimated annual payment of $3,885, for the farming season ending December 31, 2008. The Lessee shall, at the time of planting, field verify for the City the actual tillable acreage and rent shall be calculated based on such verified amount.
Atrazine or any herbicide that lists atrazine as an active ingredient shall not be applied upon the Leased Pemises.
The Lessee will provide the City with proof of insurance in an amount determined by the City's Risk Manager.
If during the initial term or any renewal term of the...
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