Madison, WI Header
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
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 City is not in default under the Lease, the City shall have three (3) successive options to extend the Lease for additional terms of one (1) year each, under the same terms and conditions in the Lease, except that rent during the renewal terms shall be as set forth in Paragraph 4 below.
 
4.      The rent schedule during the renewal terms following the Extended Term shall be as follows:
 
                 Period                               Annual Rent                   Monthly Rent
                  1/1/2010-12/31/2010                        $46,773.08            $3,897.76
                  1/1/2011-12/31/2011                          48,176.27              4,014.69
      1/1/2012-12/31/2012                          49,621.56              4,135.13
 
5.      The Lessor's notice address in the Lease shall be amended to read as follows:
 
            Spring Properties LLC and Spring Time LLC
            c/o CMI
            106 E. Doty Street, Suite 310
            Madison, WI  53703
 
6.      All other provisions of the Lease shall remain unchanged and in full force and effect.
 
 
BE IT FURTHER RESOLVED that the Mayor and City Clerk are hereby authorized to execute any and all additional documents that may be required to complete this transaction.