City of Madison - File #: 22629

• File #: 22629
• Version: 1
• Name: Authorizing the execution of a lease at 126 S. Hamilton Street for the temporary relocation of the City of Madison’s Central Public Library.
• Type: Resolution
• Status: Passed
• File created: 5/26/2011
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/21/2011
• Final action: 6/21/2011
• Enactment date: 6/22/2011
• Enactment #: RES-11-00539
• Title: Authorizing the execution of a lease at 126 S. Hamilton Street for the temporary relocation of the City of Madison’s Central Public Library. (4th AD)
• Sponsors: Michael E. Verveer

Date	Ver.	Action By	Action	Result
6/21/2011	1	COMMON COUNCIL	Adopt	Pass
6/13/2011	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
6/7/2011	1	BOARD OF ESTIMATES (ended 4/2017)	Referred
6/7/2011	1	COMMON COUNCIL	Referred
6/2/2011	1	MADISON PUBLIC LIBRARY BOARD	Return to Lead with the Recommendation for Approval	Pass
5/31/2011	1	Engineering Division	Referred for Introduction

Fiscal Note
This lease requires the City to pay a monthly rent of $20,500 which includes all utility costs and maintenance expenses, real estate taxes, and fire and extended coverage insurance. The initial term is 20 months beginning Oct. 1, 2011, with an option to extend for up to 4 months. The Library’s 2011 Adopted Operating Budget includes sufficient funding for the 2011 portion of this lease. The 2012 and 2013 Library Operating Budgets will need to include funding for the remaining term of the lease.
Title
Authorizing the execution of a lease at 126 S. Hamilton Street for the temporary relocation of the City of Madison’s Central Public Library. (4th AD)
Body
PREAMBLE

The renovations to Central Library necessitate the temporary relocation of Central Library services. Space located at 126 S. Hamilton Street has been identified by staff as suitable for accommodating temporary administrative staff offices, book storage and retail space for library customers. Terms of the lease have been negotiated with the property owners that will allow the library services to continue during the estimated temporary relocation phase of approximately 20 months. The Madison Public Library Board, on June 2, 2011 approved the terms and conditions contained in this resolution.

NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a lease (the “Lease”) with Anchor Bank FSB or its assigns (Owner) subject to the following terms and conditions:


1. The initial term of the lease (the “Lease Term”) shall be twenty (20) months commencing on October 1, 2011 and ending on May 31, 2013.

2. At the end of the Initial Lease Term, the City may extend the term of the lease for up to four (4) months with a 90 day written notice of its election to extend the Lease.

3. The space located at 126 S. Hamilton Street (Leased Premises) shall consist of the following: approximately 5,250 square feet of storage and break room space in the lower level approximately...