Fiscal Note
This lease amendment requires the City to pay initial base annual rent of $64,000 annually plus all utility costs and the City’s prorata share of common area maintenance expenses and real estate taxes. Base annual rent shall be subject to a 2% increase every year. Funding for 2014 is included in the Police Department's operating budget request. Funding beyond 2014 will be included in future operating budgets, subject to Common Council approval.
Title
Authorizing the execution of an amendment to the lease with Wahnfried Holdings LLC allowing for the City’s continued use of space at 29 Marsh Court for the operation of the Madison Police Department evidentiary facility.
Body
WHEREAS, Wahnfried Holdings LLC, as the lessor, and the City of Madison, as the lessee, are parties to a lease dated December 30, 2008, pertaining to the City’s use of 9,240 square feet of space, located at 29 Marsh Court; and
WHEREAS, the term of the Lease is scheduled to expire on December 31, 2013; and
WHEREAS, the terms of a lease extension have been negotiated and a lease amendment has been prepared by the Office of Real Estate Services.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute an amendment to lease with Wahnfried Holdings, a Wisconsin limited liability company (the “Lessor”), amending the existing lease dated December 30, 2008 (“Lease”), as follows:
1) The term of the Lease shall be extended for a period of three (3) years, commencing on January 1, 2014 and expiring on December 31, 2016.
2) The Base Rent payable during the extended term shall be as follows:
Year Period Monthly Base Rent Annual Base Rent
1/1/2014-12/31/2014 $5,333.33 $64,000.00
1/1/2015-12/31/2015 $5,440.00 $65,280.00
1/1/2016-12/31/2016 $5,465.47 ...
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