Fiscal Note
Initial annual rent of $937.74 will be deposited into Account No. GN01-78220. Rent during years 2 though 5 shall be subject to adjustment based on any percentage change in land value. After lease year 5, rent shall be subject to a 5% increase every five (5) years.
Title
Authorizing the Mayor and City Clerk to execute a Subterranean and Air Space Lease with Opitz Real Estate Limited Partnership and Perina 509 Company LLC, the owners of property located at 676 State Street, to accommodate the existing encroachments of an underground vault, a building canopy and two business identification signs into the State Street and North Lake Street Public rights of way.
Body
WHEREAS, Opitz Real Estate Limited Partnership and Perina 509 Company LLC (collectively, the “Owner”) are the owners of certain property located at 676 State Street (the “Owner’s Property”); and
WHEREAS, an engineer’s encroachment report prepared in connection with the recent State Street reconstruction project revealed that the building canopy, two business identification signs and an underground vault appurtenant to the Owner’s Property encroach into the subterranean and air space of the North Lake Street and State Street public rights of way; and
WHEREAS, it is in the public interest to document and regulate existing encroachments in the public right of way; and
WHEREAS, the Owner desires to enter into a Subterranean and Air Space Lease with the City of Madison to accommodate such encroachments into the public street rights of way; and
WHEREAS, the terms of a Subterranean and Air Space Lease have been negotiated between the Owner and the Real Estate Section; and
WHEREAS, the City Attorney’s office has reviewed and approved the Subterranean and Air Space Lease as to form.
NOW THEREFORE BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a Subterranean and Air Space Lease (“Lease”) with Optiz Real Estate Limited Partnership and Perina 509 Company LLC (collectively...
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