City of Madison - File #: 06733

• File #: 06733
• Version: 1
• Name: Authorizing the Mayor and City Clerk to execute a lease with Collegiate Gothic Assoc. LP, 740 Regent Street Assoc., 700 Regent Street Assoc., and City Station Assoc. LP, collectively, of City-owned property held for future transportation purposes.
• Type: Resolution
• Status: Passed
• File created: 6/12/2007
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 8/7/2007
• Final action: 8/7/2007
• Enactment date: 8/8/2007
• Enactment #: RES-07-00776
• Title: Authorizing the Mayor and City Clerk to execute a lease with Collegiate Gothic Associates Limited Partnership, 740 Regent Street Associates, 700 Regent Street Associates, and City Station Associates Limited Partnership, collectively, of City-owned property held for future transportation purposes.
• Sponsors: Michael E. Verveer

Date	Ver.	Action By	Action	Result
8/7/2007	1	COMMON COUNCIL	Adopt	Pass
7/30/2007	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
7/9/2007	1	PLAN COMMISSION	Return to Lead with the Recommendation for Approval	Pass
6/26/2007	1	PEDESTRIAN/BICYCLE/MOTOR VEHICLE COMMISSION (ended 6/2018)	Return to Lead with the Recommendation for Approval	Pass
6/19/2007	1	COMMON COUNCIL	Refer
6/19/2007	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
6/19/2007	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
6/12/2007	1	Community and Economic Development Unit	Fiscal Note Required / Approval
6/12/2007	1	Finance Dept/Approval Group	Approved Fiscal Note By The Comptroller's Office
6/12/2007	1	Community and Economic Development Unit	Referred for Introduction

Fiscal Note
Rent for the year 2007 is $4,839.60 and for the year 2008 is $25,239.35. Effective in 2009 rent will increase annually by 3%. Rent proceeds shall be deposited into the General Fund Revenue Account No. GN01-78220.
Title
Authorizing the Mayor and City Clerk to execute a lease with Collegiate Gothic Associates Limited Partnership, 740 Regent Street Associates, 700 Regent Street Associates, and City Station Associates Limited Partnership, collectively, of City-owned property held for future transportation purposes.
Body
WHEREAS, the City is the owner of the parcel of land located between Murray Street and West Washington Avenue that was formerly railroad right-of-way and was acquired by the City for transportation purposes (the "City Parcel"); and

WHEREAS, Collegiate Gothic Associates Limited Partnership, 740 Regent Street Associates, 700 Regent Street Associates, and City Station Associates Limited Partnership (collectively, the "Lessees") are the owners of certain properties located at 700-780 Regent Street and 660 West Washington Avenue which are adjacent to the City Parcel; and

WHEREAS, the City and the Lessees were parties to certain prior leases (the "Prior Leases") whereby the Lessees each leased a portion of the City Parcel from the City; and

WHEREAS, due to the City's need to utilize a portion of the City Parcel for the construction and operation of a public pedestrian and bicycle path (the "Path"), each of the Prior Leases was terminated by the City effective as of December 31, 2004; and

WHEREAS, the City has completed construction of the Path over a portion of the City Parcel; and

WHEREAS, the Lessees desire to collectively lease that portion of the City Parcel not needed for the operation of the Path; and

WHEREAS, the terms of a lease have been negotiated between the Lessees and the Real Estate Section.

NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a lease ("Lease") wit...