Fiscal Note
Funding for the lease is included in the 2016 Adopted Budget.
Title
Authorizing the execution of a lease between the City of Madison and the Community Development Authority of the City of Madison for space within the lower level of The Village on Park to be used by the City’s Employee Assistance Program group.
Body
WHEREAS, the Community Development Authority of the City of Madison (the “CDA”) is the owner of The Village on Park, located at 2300 South Park Street; and
WHEREAS, the CDA and the City of Madison (“Lessee”) have negotiated the below terms and conditions to the lease (the “Lease”) which provides for office space located in Suite 111 at The Village on Park. The CDA Board approved the below terms on November 19, 2015 via CDA Resolution 4155.
NOW THEREFORE BE IT RESOLVED that the Mayor and City Clerk are hereby authorized to execute on behalf of the City (“Lessee”) a lease (the “Lease”) with the Community Development Authority of the City of Madison (“CDA”) as the lessor at the Village on Park on the following terms and conditions:
WHEREAS, the Community Development Authority of the City of Madison (the “CDA”) is the owner of The Village on Park, located at 2300 South Park Street; and
WHEREAS, the CDA and the City of Madison (“Lessee”) have negotiated the below terms and conditions to the lease (the “Lease”) which provides for office space located in Suite 111 at The Village on Park. The CDA Board approved the below terms on November 19, 2015 via CDA Resolution 4155.
NOW THEREFORE BE IT RESOLVED that the Mayor and City Clerk are hereby authorized to execute on behalf of the City (“Lessee”) a lease (the “Lease”) with the Community Development Authority of the City of Madison (“CDA”) as the lessor at the Village on Park on the following terms and conditions:
1. Leased Premises: Roughly 885 square feet of rentable square feet in Suite 111 to be used as office space.
2. Use: Office space to be used by the Employee Assistance Program office.
3. Initial Term: Shall commence upon the completion of the tenant improvement work and receipt of the certificate of occupancy (the “Effective Date”), and continue for five (5) years.
4. Rental Rate: (the “Rate”) of $6.24 per square foot per year (or $5,521.05 per year), payable in equal monthly installments. The initial monthly Rate is $460.09.
The Rate shall increase at three percent (3%) on each anniversary of the Effective Date as follows:
Fiscal Year Monthly Rate Annual Rate
1 $ 460.09 $5,521.05
2 $473.89 $5,686.68
3 $488.11 $5,857.28
4 $502.75 $6,033.00
5 $517.83 $6,213.99
The Rate shall include taxes, all utilities and common area maintenance. The Lessee shall be responsible for the cost of the insurance for the Leased Premises.
5. Janitorial: The Lessee is responsible for maintaining the Leased Premises at its cost.
6. Tenant Improvement Allowance: None. In consideration for the low rate, the Lessee is responsible to pay for the three (3) offices being built in the Leased Premises for an amount of $28,808. The CDA will bill Lessee upon receipt of the approval of the work.
7. Option to Renew: None
BE IT FURTHER RESOLVED that the Mayor and City Clerk are authorized to execute, deliver and record such documents and to take such other actions as shall be necessary or desirable to accomplish the purposes of this resolution.