Fiscal Note
The proposed resolution authorizes the execution of the lease of space within The Village on Park to be used by Metro Transit for the temprorary occupancy of Metro staff while renovations at their 1245 E. Washington are being completed. The annual cost of this lease agreement is estimated to be $7,764; costs associated with the agreement will be absorbed within Metro's 2017 Adopted Operating 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 Village on Park to be used by Metro Transit.
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, Metro Transit is expanding and renovating its space located at 1245 E. Washington Avenue (the “Metro Building”), which was approved by the Common Council on December 6, 2016 per resolution RES-16-00893.
WHEREAS, as part of the renovation and expansion of leased space, the in-house advertising and paratransit programs that are located in the east wing of the Metro Building will need to move out while work is being done on this space, and it is estimated that this work will commence April 1, 2017 and last for approximately six months; and
WHEREAS, the CDA and the City of Madison have negotiated the below terms and conditions to the lease which provides for temporary office space located in Suite 109 at The Village on Park while Metro Transit’s space located at 1245 E. Washington is being renovated. The CDA Board will review the below terms on February 9, 2017.
NOW THEREFORE BE IT RESOLVED that the Mayor and City Clerk are hereby authorized to execute on behalf of the City a lease (the “Lease”) with the CDA at the Village on Park on the following terms and conditions:
1. Leased Premises: 2300 South Park Street, Suite 109, consisting of approximately 647 square feet of rentable squa...
Click here for full text