City of Madison - File #: 42738

• File #: 42738
• Version: 1
• Name: 11025 Monona Terrace Warehouse Lease 1020 Stewart St
• Type: Resolution
• Status: Passed
• File created: 4/28/2016
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/7/2016
• Final action: 6/7/2016
• Enactment date: 6/10/2016
• Enactment #: RES-16-00399
• Title: Authorizing the execution of a lease with SMP Partnership, LLP for storage space located at 1020 Stewart Street for storage of Monona Terrace furniture, equipment, and decorations.
• Sponsors: Paul E. Skidmore, Michael E. Verveer, Shiva Bidar, Mark Clear, Sheri Carter

Date	Ver.	Action By	Action	Result
6/7/2016	1	COMMON COUNCIL	Adopt	Pass
5/23/2016	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER	Pass
5/19/2016	1	MONONA TERRACE COMMUNITY AND CONVENTION CENTER BOARD	Return to Lead with the Recommendation for Approval	Pass
5/17/2016	1	BOARD OF ESTIMATES (ended 4/2017)	Refer
5/17/2016	1	COMMON COUNCIL	Refer	Pass
5/10/2016	1	Economic Development Division	Referred for Introduction

Fiscal Note
The proposed resolution authorizes execution of a lease with SMP Partnership, LLP for storage of Monona Terrace furniture, equipment, and decorations. The initial term of the lease is five years and one-half month. The total rent paid by the City for the first five-year term shall be $122,897. After the first term, the City will have four options to extend the lease for an additional term of three years individually. In addition to rent, the City shall be responsible for expenses associated with janitorial services, telephone and data/computer installations and services, as well as insurance to cover any and all loss or damage to the City’s property located within the premises. All expenses, including rent, will be absorbed within Monona Terrace’s 2016 Adopted Operating Budget.
Title
Authorizing the execution of a lease with SMP Partnership, LLP for storage space located at 1020 Stewart Street for storage of Monona Terrace furniture, equipment, and decorations.
Body
WHEREAS, the City of Madison operates the Monona Terrace Community and Convention Center (“Monona Terrace”) (collectively referred to as the “City”); and

WHEREAS, Monona Terrace is currently sub-leasing space roughly 5000 square feet from Madison Public Library (“Library”) within the new Library’s new warehouse storage facility; and

WHEREAS, the Library now needs the entirety of its storage space and can no longer sub-lease storage space to Monona Terrace; and

WHEREAS, Monona Terrace desires to lease replacement storage space, consisting of approximately 6,000 square feet, within the building located at 1018 Stewart Street and owned by SMP Partnership, LLP (“Lessor”); and

WHEREAS, the terms of a lease have been negotiated between Lessor and the City’s Office of Real Estate Services.

NOW, THEREFORE, BE IT RESOLVED that the Common Council hereby authorizes the Chair and Director of Monona Terrace to execute a lease (“Lease”) with SMP Partnership, LLP (“Lessor”), for storage space wi...