Fiscal Note
Initial annual rent of $271.11 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 Arist Christ, the owner of property located at 226 State Street, to accommodate the existing encroachments of an underground vault, a building cornice, a business identification sign and below-awning lighting into the State Street public right-of-way.
Body
WHEREAS, Arist Christ (the “Owner”) is the owner of certain property located at 226 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 a building cornice, business identification sign, below-awning lighting and underground vault appurtenant to the Owner’s Property encroach into the subterranean and air space of the State Street public right-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 right-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 Arist Christ (the “Owner”) to accommodate the existing subterranean encroachment of an underground vault (“Vault”) and the existing air space encroachments of the Owner’s building cornice (“Cornice”), identifica...
Click here for full text