Fiscal Note
The Resolution authorizes an extension of a current lease agreement between the City Information Technology (IT)Department and the Community Development Authority for space at The Village on Park. The IT operating base budget includes funding for the lease expense and will include the expense in each year's future operating budgets, subject to Common Council approval.
Title
Authorizing the Mayor and City Clerk to execute an amendment to the lease with the Community Development Authority of the City of Madison for space within the lower level of The Village on Park 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 Village on Park, located at 2300 South Park Street; and
WHEREAS, the City of Madison (“City”) leases 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 pursuant to a lease dated February 3, 2009 (the “Lease”); and
WHEREAS, the initial term of the Lease is scheduled to expire on May 31, 2014, and the City has one (1) option to extend the Lease for an additional term of five (5) years; and
WHEREAS, the City desires to modify the renewal option to allow for five (5) options to extend the Lease for additional terms of one (1) year each; and
WHEREAS, the terms of an amendment to the Lease have been negotiated between the CDA and the City’s Office of Real Estate Services.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are hereby authorized to execute an amendment to that certain lease dated February 3, 2009 (the “Lease”), by and between the City of Madison (the “Lessee”), as the lessee, and the Community Development Authority of the City of Madison (“CDA”), as the lessor, pertaining to premises within The Village on Park located at 2300 South Park Street, on the following terms and conditions:
1. Paragraph 5 of the L...
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