Fiscal Note
This lease requires prepayment of the entire initial lease term of $400,960 (20 months at $20,048). The Library's 2011 Adopted Operating Budget includes sufficient funding for the 2011 portion of this lease. The balance will be paid by the Library Fund as a prepaid expense, and the applicable portions will be charged in 2012 and 2013.
Title
Authorizing the execution of a lease at 316 West Washington Avenue for the temporary relocation of the City of Madison’s Central Public Library.
Body
The scheduled remodel/renovation of the City’s Central Library necessitates the temporary relocation of Central Library services and functions. Space located at 316 West Washington Avenue has been identified by staff as suitable for lease to provide for the temporary relocation of public library retail and administrative functions, collection storage and distribution, and library system maintenance activities. Terms of a lease have been negotiated with the property owners (the “Lessor”) that will allow the Central Library services to continue at this location during the remodel/renovation of the Central Public Library.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a lease (the “Lease”) with Badger 316 LLC (the “Lessor”), or its assigns, for space within a building located at 316 West Washington Avenue (the “Building”) (as shown on the attached Exhibit) for the temporary relocation of the Central Public Library services and functions during the remodel/renovation of the Central Public Library, subject to the following terms and conditions:
1. The initial term of the lease (the “Initial Lease Term”) shall be twenty (20) months commencing on the date that the City takes possession of the Premises which shall occur no earlier than July 1, 2011 and no later than September 1, 2011 (the “Lease Commencement Date”).
2. At the end of the Initial Lease Term, the term of the Lease shall automatically continue on a month to month ...
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