Fiscal Note
The proposed resolution authorizes a first amendment to the lease for City-owned property at between S Baldwin St and S DIckinson St to Bock Water Heaters, Inc. The lease amendment offers the tenant a lease renewal option from 1/1/28 - 12/31/30. Annual rent paid to the City beginning 1/1/28 will be $9,382.39. Rent will increase by 3.0% each year thereafter, compounded annually. Lease revenue over the three years totals approximately $29,000. Lease revenue will be deposited in the General Fund (Munis account 110010-43875-00000). No additional appropriation required.
Title
Authorizing the City’s execution of a First Amendment to Lease, pertaining to an existing lease for portions of City-owned land known as the East Rail Corridor located between S Dickinson St. and S Baldwin St. for private parking and drive aisle purposes. (District 6)
Body
WHEREAS, the City of Madison (“City”) currently leases, for private parking and drive aisle purposes, the land legally described and depicted in Attachment A (“Leased Premises”), to Bock Water Heaters, Inc., a Wisconsin corporation (“Lessee”), under the terms and conditions of the Lease authorized by File ID No. 07741, Resolution Enactment No. RES-07-01089, adopted by City Common Council on November 20, 2007; and
WHEREAS, the Lessee’s use of the Leased Premises is ancillary to its business operations at 110 S Dickinson Street; and
WHEREAS, the final renewal option in the Lease expires December 31, 2027, and the Lessee desires to have a renewal option extending through December 31, 2030; and
WHEREAS, City Engineering and Economic Development Division staff have approved the renewal options, pursuant to the annual rent and other updated standard lease language shown in Attachment A.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a First Amendment to Lease, substantially, though not exclusively, on the terms and conditions detailed in Attachment A, attached to this resolut...
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