City of Madison, Wisconsin | Legislative Information Center
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File #: 38532    Version: Name: 7299 Lease AnchorBank Redevelopment - 25 West Main Parking LLC - ULI
Type: Resolution Status: Passed
File created: 5/20/2015 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 6/16/2015 Final action: 6/16/2015
Enactment date: 6/19/2015 Enactment #: RES-15-00525
Title: SUBSTITUTE Authorizing the Mayor and City Clerk to execute Subterranean and Air Space Leases with 25 West Main Parking LLC, the owner of properties located at 25 West Main Street, 115 South Carroll Street and 126 South Carroll Street, to accommodate existing and proposed encroachments of certain subterranean and building features into the West Main Street, South Carroll Street and Doty Street public rights-of-way; and authorizing the Mayor and City Clerk to execute Notices of Termination pertaining to the existing Tunnel License and Encroachment Agreement pertaining to said properties.
Sponsors: Michael E. Verveer
Attachments: 1. 7299 Exhibit B-2 PROPOSED BELOW GRADE ENCROACHMENT - OFFICE_PARKING.pdf, 2. 7299 Exhibit B-3 PROPOSED ABOVE GRADE ENCROACHMENT - RESIDENTIAL.pdf, 3. V1 Master04-Jun-2015-10-09-29.pdf
Fiscal Note
Initial annual total rent, for the two leases, in year one (1) of $28,777.00, will be deposited into the General Fund, Munis Charge Code 110020. Rent for the period though the last day of lease year five (5) shall be equal to 5% of the market value of the Leased Premises, based on the per square foot land value of the Owner’s Property as last fixed by the City Assessor. Effective the first day of lease year six (6) and continuing on each anniversary thereafter throughout the Lease term and any renewal thereof, the annual rent shall be adjusted to reflect any change in the Consumer Price Index.
Title
SUBSTITUTE Authorizing the Mayor and City Clerk to execute Subterranean and Air Space Leases with 25 West Main Parking LLC, the owner of properties located at 25 West Main Street, 115 South Carroll Street and 126 South Carroll Street, to accommodate existing and proposed encroachments of certain subterranean and building features into the West Main Street, South Carroll Street and Doty Street public rights-of-way; and authorizing the Mayor and City Clerk to execute Notices of Termination pertaining to the existing Tunnel License and Encroachment Agreement pertaining to said properties.
Body
WHEREAS, 25 West Main Parking LLC (the “Owner”) owns certain properties located at 25 West Main Street, 115 South Carroll Street, and 126 South Carroll Street (collectively, the “Owner’s Properties”); and

WHEREAS, the Owner's Properties will be improved with a multi-story office building and an apartment building (indvidually, the "Building"); and

WHEREAS, the City and the Owner, as successor-in-interest to Anchor Savings & Loan Association, are parties to a certain unrecorded License for Pedestrian Tunnel, dated February 27, 1963 (the “Tunnel License”), which pertains to a subterranean pedestrian tunnel within the South Carroll Street public right of way connecting the Owner’s Properties and

WHEREAS, the City and the Owner, as successor-in-interest to AnchorBank...

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