Fiscal Note
The proposed resolution authorizes amending the lease with the Mendota Rowing Club. The Parks Division will install a heating system for the lessee at a cost of $17,000, which will be recovered by the City over a 5 year period. After that period the rent will increase by $700 a year for the next 5 years, and then by $250 a year for the following 5 year period. The $17,000 cost recovery and the subsequent rent increases (of $700 and $250) will be recognized in the Parks Operating Budget to recover the costs of installing the equipment.
Title
Authorizing the execution of a First Amendment to the Lease to Mendota Rowing Club, Inc. for the Leased Premises, including the Hoover Boat House, located at 622 East Gorham Street.
Body
WHEREAS, the City is the owner of certain property located at 622 E. Gorham Street in the City of Madison, Wisconsin, commonly known as James Madison Park and legally described on attached Exhibit A (“Property”); and
WHEREAS, the Property is improved with a building commonly known as the Hoover Boat House (“Building”); and
WHEREAS, the City and Lessee are parties to that certain Lease, dated April 11, 1997 (“Lease”), whereby the Lessee leases the Building; and
WHEREAS, the initial term of the Lease was for the period of April 1, 1996 through March 31, 2011; and pursuant to First Notice of Lease Renewal, dated March 15, 2011, the Lease was renewed for the period commencing on April 1, 2011 and expiring on March 31, 2016; and pursuant to Second Notice of Lease Renewal, the Lease was renewed for the period commencing on April 1, 2016 and scheduled to expire on March 31, 2021 (“Second Renewal Term”); and
WHEREAS, the City has agreed to install heat in the Building and the Lessee will pay for the cost of said work, which cost will be recovered by the City over a five (5)-year time period; and
WHEREAS, the City and Lessee have agree to extend the Second Renewal Term for an additional one (1)-year period to allow for the aforemen...
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