Fiscal Note
The management fees paid to Madison Property Management, Inc., as proposed in the resolution, will be paid from rents collected at the property or from funds authorized by Adopted Resolution RES-20-00371 (File ID 60226), which included $20,000 for property holding costs. No additional City appropriation is required.
Title
Authorizing the Mayor and the City Clerk to execute a Property Management Agreement with Madison Property Management, Inc. for the property located at 1810 South Park Street. (14th AD)
Body
WHEREAS, the City of Madison (“City”) plans to acquire the commercial property addressed as 1810 South Park Street (“Property”) at a closing on or before September 18, 2020; and
WHEREAS, Common Council authorized the planned acquisition of the Property under the terms detailed in Resolution No. RES-20-00371, File ID No. 60226, approved May 5, 2020; and
WHEREAS, the City is in need of property management services to commence on the date the City acquires the Property; and
WHEREAS, Madison Property Management, Inc. (“Manager”) has a thorough knowledge of the Property, and therefore the City desires to contract with the Manager to provide property management services at the Property.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and the City Clerk are hereby authorized to execute a Property Management Agreement (“Agreement”) with the Manager to provide property management services at the Property under, substantially, but not exclusively, the following terms and conditions:
1. The City shall pay to the Manager a monthly management fee equal to six percent (6%) of gross receipts per month. Maintenance services provided by the Manager will be billed at $66.00 per hour for general maintenance (e.g., carpentry, painting, etc.) and $44.00 per hour for general labor (e.g., cleaning, lawn care, snow removal, etc.).
2. Management services will begin on the date the City acquires the Property, anticipated to be on or before September 18, 2020, an...
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