Fiscal Note
Initial annual rent for year 2008 of $10,925.38 will be deposited into Account No. GN01-78220. Rent for the period though December 31, 2021 shall be adjusted annually based on the change in the Consumer Price Index. Effective January 1, 2022, rent shall be equal to 3% of the market value of the Leased Premises, based on the per square foot land value of the Owner’s Property as fixed by the City Assessor as of December 1, 2021. Rent shall increase each 5-year period thereafter by 5%.
Title
Authorizing the Mayor and City Clerk to execute a Subterranean Lease with Pinckney Investment Group, LLC, the owner of property located at 1 South Pinckney Street, to accommodate the existing encroachments of a subterranean parking structure and subterranean office, storage and mechanical spaces into the South Pinckney Street, East Washington Avenue, and South Webster Street public rights-of-way; and authorizing the Mayor and City Clerk to execute a Notice of Termination of Leases pertaining to two existing leases for such subterranean encroachments.
Body
WHEREAS, Pinckney Investment Group, LLC (the “Owner”) is the new owner of certain property located at 1 South Pinckney Street, commonly known as U.S. Bank Plaza (the “Owner’s Property”); and
WHEREAS, the City and the Owner (as successor-in-interest to First Wisconsin National Bank of Madison) are parties to a certain unrecorded Subterranean Lease Agreement dated September 1, 1972, a memorandum of which was recorded in the office of the Register of Deeds for Dane County, Wisconsin, on January 9, 2008, as Document Number 4387395 (the “1972 Lease”); and
WHEREAS, the 1972 Lease pertains to subterranean premises within the East Washington Avenue, South Pinckney Street and South Webster Street public rights-of-way described below as “Lease Area 1” and depicted on attached Exhibit A; and
WHEREAS, the City and the Owner (as successor-in-interest to First Wisconsin National Bank of Madison) are also parties to a cer...
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