City of Madison - File #: 03610

• File #: 03610
• Version: 1
• Name: Authorizing the execution of a First Amendment to Lease with Spring Properties LLC, et al., providing for a three-year extension of the lease of office space at 121 South Pinckney Street for the Madison Metropolitan Planning Organization.
• Type: Resolution
• Status: Passed
• File created: 5/4/2006
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/6/2006
• Final action: 6/6/2006
• Enactment date: 6/15/2006
• Enactment #: RES-06-00482
• Title: Authorizing the execution of a First Amendment to Lease with Spring Properties LLC, et al., providing for a three-year extension of the lease of office space at 121 South Pinckney Street for the Madison Metropolitan Planning Organization.
• Sponsors: Judy K. Olson

Date	Ver.	Action By	Action	Result
6/6/2006	1	COMMON COUNCIL	Adopt	Pass
5/22/2006	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
5/16/2006	1	COMMON COUNCIL	Refer
5/9/2006	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
5/9/2006	1	Community and Economic Development Unit	Referred for Introduction
5/4/2006	1	Community and Economic Development Unit	Fiscal Note Required / Approval

Fiscal Note
This lease requires the City to pay initial annual rent for calendar year 2007 of $42,804. Rent is subject to a 3% increase every year thereafter. Funding will be included in future operating budgets.
Title
Authorizing the execution of a First Amendment to Lease with Spring Properties LLC, et al., providing for a three-year extension of the lease of office space at 121 South Pinckney Street for the Madison Metropolitan Planning Organization.
Body
WHEREAS, the City of Madison currently leases office space in the Cantwell Building, located at 121 South Pinckney Street, for the Madison Metropolitan Planning Organization ("MPO"); and

WHERAS, the MPO's lease (the "Lease") is scheduled to expire on December 31, 2006; and

WHEREAS, the MPO desires to continue to lease such office space for an additional three (3)-year period; and

WHEREAS, the City's Real Estate Section has negotiated the terms of an amendment to the Lease with the current owners, Spring Properties LLC and Spring Time LLC, providing for a three (3)-year extension of the Lease with renewal options; and

WHEREAS, the MPO and Planning Unit staff have reviewed and approve of the terms of the amendment to the Lease.

NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a First Amendment to Lease with Spring Properties LLC and Spring Time LLC (collectively, the "Lessor"), subject to the following terms and conditions:

1. The term of the current lease dated December 4, 2001 (the "Lease") shall be extended for the three (3)-year period commencing on January 1, 2007 and expiring on December 31, 2009 (the "Extended Term").

2. The rent schedule during the Extended Term shall be as follows:

Period Annual Rent Monthly Rent
1/1/2007-12/31/2007 $42,804.00 $3,567.00
1/1/2008-12/31/2008 44,088.12 3,674.01
1/1/2009-12/31/2009 45,410.76 3,784.23


3. At the end of the Extended Term, provided the Ci...