Fiscal Note
The proposed resolution has no fiscal impact.
Title
Authorizing the execution of a lease with Apollo Way Apartments, LLC allowing for the installation of a private fountain system within the Storm Water Utility parcel located at 602 Jupiter Drive.
Body
WHEREAS, Apollo Way Apartments, LLC (the “Owner”) is the owner of property located at 502 Apollo Way, City of Madison (the “Abutting Property”); and
WHEREAS, the Abutting Property is adjacent to the City-owned parcel located at 602 Jupiter Drive, City of Madison (the “City’s Property”); and
WHEREAS, the City’s Property was dedicated in the plat of Grandview Commons for public storm water detention and public sanitary sewer purpose; and
WHEREAS, the Owner desires to lease a portion of the City’s Property for the purpose of maintaining and operating a fountain within the wet detention basin located thereon, which use shall be ancillary to the Owner’s residential development on the Abutting Property.
WHEREAS, City of Madison Engineering Division staff have reviewed and approve of the lease arrangement.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a lease (the “Lease”) with Apollo Way Apartments, LLC (the “Lessee”), subject to the following terms and conditions:
1. The Lessee’s “Abutting Property” is described in attached Exhibit A. The “Leased Premises” are located on the City’s Property described in attached Exhibit B and are depicted on attached Exhibit C.
2. The term of the Lease shall be (5) years, subject to early termination pursuant to the terms of the Lease. The Lease will renew automatically for successive one (1) year terms under the same terms and conditions contained in the Lease, unless terminated earlier in accordance with the terms of the Lease. Notwithstanding the foregoing, the Lease shall be automatically renewed for no more than twenty (20) successive one (1) year terms.
3. The Lessee shall pay to the City annual rent of One Dollar ...
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