...Fiscal Note
Annual rent payable during the first five lease years shall be in the amount of $1,000.00 and shall be deposited into the General Fund (Acct. No. GN01-78220). Rent shall be subject to a 10% increase every five years beginning on the fifth anniversary of the air space lease.
Title
Authorizing the Mayor and City Clerk to execute an air space lease with All Saints Retirement Center, Inc., and All Saints Cottages and Condos, Inc. to accommodate a skywalk connecting the two properties located at 8202 Highview Drive and 501 Commerce Drive.
Body
WHEREAS, All Saints Retirement Center, Inc. (“ASRCI”) is the owner of property located at 8202 Highview Drive; and
WHEREAS, All Saints Cottages and Condos, Inc. (“ASCCI”) is the owner of property located at 501 Commerce Drive; and
WHEREAS, the ASRCI property and the ASCCI property (collectively, the “Abutting Properties”) are improved, or will be improved, with two buildings (the “Buildings”) that are part of an integrated development commonly known as All Saints Campus; and
WHEREAS, ASRCI and ASCCI desire to construct an enclosed elevated pedestrian walkway (the “Skywalk”) over the Commerce Drive public right of way connecting the Buildings; and
WHEREAS, the terms of an air space lease have been negotiated between the Office of Real Estate Services, ASRCI and ASCCI; and
WHEREAS, the lease of the necessary air space over public right of way is in accordance with Wisconsin Statutes Section 66.0915(4).
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute an air space lease (“Lease”) with All Saints Retirement Center, Inc. and All Saints Cottages and Condos, Inc. (collectively, the “Lessees”) on the following terms and conditions:
1. The City shall lease to the Lessees a portion of the Commerce Drive public right of way described in attached Exhibit A and depicted in attached Exhibit B as the “Leased Premises,” which area is contiguous to the Lessees’ Properties located at ...
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