Fiscal Note
Initial annual rent of $790 is anticipated. For the first year, the Real Estate Section will retain about $500 for administrative costs. Rent is subject to annual adjustment during the first five years based upon changes in assessed land value. There is no anticipated impact upon the tax levy or cost controls.
Title
Authorizing the Mayor and City Clerk to execute a lease with Postal Partners, LLC, the owner of property located at 441 North Lake Street, to accommodate the existing encroachment of the owner's building into the City's adjacent Lake Street Parking Ramp property.
Body
WHEREAS, in 1968 the City granted a Land Use Agreement to Franchise Realty Interstate Corporation (n/k/a McDonald's Real Estate Company), the owner of the property located at 441 North Lake Street, allowing for the encroachment of a one-story commercial building into the adjacent City-owned property located at 414 North Lake Street, commonly known as the Lake Street parking Ramp; and
WHEREAS, by deed dated January 24, 2007, McDonald's Real Estate Company transferred ownership of its property at 441 North Lake Street to Postal Partners, LLC; and
WHEREAS, the terms of the Land Use Agreement do not allow for its transfer to a new owner; and
WHEREAS, Postal Partners, LLC desires to enter into a lease with the City to accommodate the existing building encroachment; and
WHEREAS, the terms of a lease have been negotiated between Postal Partners, LLC and City of Madison Parking Utility and Real Estate Section staff; and
WHEREAS, the City Attorney's office has reviewed and approved the lease as to form.
NOW THEREFORE BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a lease with Postal Partners, LLC (the "Lessee") to accommodate the existing encroachment of the Lessee's building at 441 North Lake Street (the "Lessee's Building") into the adjacent City-owned property located at 414 North Lake Street (the "City's Property"), subject to th...
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