City of Madison - File #: 02558

• File #: 02558
• Version: 2
• Name: Authorizing the execution of an amendment to the lease with MLG Capital/Meadowood LLC allowing for the City's continued use of space at 5740 Raymond Road for the operation of the Meadowridge Branch Library.
• Type: Resolution
• Status: Passed
• File created: 12/7/2005
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 1/17/2006
• Final action: 1/17/2006
• Enactment date: 1/18/2006
• Enactment #: RES-06-00069
• Title: SUBSTITUTE - Authorizing the execution of an amendment to the lease with MLG Capital/Meadowood LLC allowing for the City's continued use of space at 5740 Raymond Road for the operation of the Meadowridge Branch Library. 20th Ald. Dist.
• Sponsors: Cindy Thomas

Date	Ver.	Action By	Action	Result
1/17/2006	2	COMMON COUNCIL	Adopt	Pass
1/9/2006	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
1/9/2006	2	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
1/6/2006	2	MADISON PUBLIC LIBRARY BOARD	Return to Lead with the Recommendation for Approval
1/3/2006	2	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
12/28/2005	2	Community and Economic Development Unit	Fiscal Note Required / Approval
12/13/2005	1	COMMON COUNCIL	Refer
12/13/2005	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
12/13/2005	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
12/7/2005	1	Community and Economic Development Unit	Fiscal Note Required / Approval
12/7/2005	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
12/7/2005	1	Community and Economic Development Unit	Referred for Introduction

Fiscal Note
This amendment to the lease requires the City to pay initial base annual rent of $8.55 per square foot, or $50,791.08, plus all utility costs and the City's prorata share of common area maintenance expenses and real estate taxes. Base annual rent is subject to a 3% increase every year. Funding for 2006 is provided in the approved Library Budget. Funding beyond 2006 will be included in future operating budgets, subject to Council approval.
Title
SUBSTITUTE - Authorizing the execution of an amendment to the lease with MLG Capital/Meadowood LLC allowing for the City's continued use of space at 5740 Raymond Road for the operation of the Meadowridge Branch Library. 20th Ald. Dist.
Body
WHEREAS, MLG Capital/Meadowood LLC, successor-in-interest to Midland Realty Inc., as the lessor, and the City of Madison, as the lessee, are parties to a lease dated July 1, 2001, pertaining to the City's use of 5,940 square feet of space within the Meadowridge Shopping Center, located at 5740 Raymond Road, for the operation of the Meadowridge Branch Library; and

WHEREAS, the term of the Lease is scheduled to expire on June 30, 2006; and

WHEREAS, the lessor has proposed a three-year extension of the lease, with an option to renew thereafter for another three-year period; and

WHEREAS, the Library Board and Real Estate Section have reviewed and approve of the terms proposed by the lessor for an extension of the Lease.

NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute an amendment to lease with MLG Capital/Meadowood LLC, amending the existing lease dated July 1, 2001 (the "Lease") as follows:

1) The term of the Lease shall be extended for a period of three (3) years, commencing on July 1, 2006 and expiring on June 30, 2009 (the "Extended Term").

2) The City shall have one (1) option to renew the Lease term for a period of three (3) years.

3) "Base Rent" payable during the Extended Term shall be as follows:


...