Fiscal Note
During the first year, the City shall pay an annual gross rent of $15,356.00 payable in equal monthly installments of $1,279.67. Beginning on the first anniversary of the lease and continuing each anniversary thereafter, the annual rent shall increase by 3%. Funding for monthly lease payments in 2009 is provided for in the 2009 Information Technology Adopted Operating Budget. All future year funding will be considered in subsequent Information Technology Operating Budgets. Funding for the “Lessee’s Work” (as defined in the Lease), to be performed by the City at a cost of approximately $80,000, is available in IT Department Account No. CB34-58430-810593.
Title
Authorizing the execution of a lease with the Community Development Authority of the City of Madison for space within the lower level of The Villager to be used by the City’s Information Technology (IT) Department.
Body
WHEREAS, the Community Development Authority of the City of Madison (“CDA”) is the owner of The Villager, located at 2300 South Park Street; and
WHEREAS, the City of Madison (“City”) desires to lease approximately 1,396 square feet of lower level space within The Villager for use as classroom space by the City’s Information Technology (IT) Department; and
WHEREAS, terms for the lease of this space have been negotiated on behalf of the CDA and the City by staff of the Office of Real Estate Services and IT Department.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are hereby authorized to execute on behalf of the City (“Lessee”), as the lessee, a lease (“Lease”) with the Community Development Authority of the City of Madison (“CDA”), as the lessor, on the following terms and conditions:
1. The Leased Premises consist of approximately 1,396 square feet and are depicted on attached Exhibit A. The Lessee will occupy and use the Leased Premises for a computer training classroom and activities related thereto.
2. The primary term of the Lease shall be five (5)...
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