Fiscal Note
Initial annual rent of $2,526.83 will be deposited into the General Fund (Munis Charge Code 63026). The annual rent may be adjusted to reflect any change in size after receipt of the as-built survey upon completion of construction, and again to reflect any future changes in the assessed value of the land.
Title
Authorizing the Mayor and City Clerk to execute Subterranean and Air Space Lease with 202 E. Washington, LLC, the owner of property located at 1 N. Webster Street, to accommodate proposed encroachments of certain building features into the E. Washington Avenue and N. Webster Street public rights-of-way.
Body
WHEREAS, 202 E. Washington, LLC (the “Owner”) owns the property located at 1 N. Webster Street and legally described on attached Exhibit A (the “Property”), which is improved with a multi-story building (the “Owner’s Improvement”); and
WHEREAS, the Owner’s Improvement includes various subterranean and air space features, including foundation footings, an electrical vault, a canopy, and a protruding building brow (collectively, the "Encroachments”) that encroach into the East Washington Avenue and North Webster Street public rights-of-way; and
WHEREAS, the Owner desires to lease certain portions of the East Washington Avenue and North Webster Street public rights-of-way to accommodate the Encroachments, as detailed herein; and
WHEREAS, the City of Madison and the Owner (collectively, the “Parties”) have agreed to enter into a Subterranean and Air Space Lease (the “Lease”) in accordance with Wisconsin Statutes § 66.0915(4); and
WHEREAS, the terms of the Lease have been negotiated between the Owner and the Office of Real Estate Services, and the City Attorney’s office has reviewed and approved the Lease as to form.
NOW THEREFORE BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a Subterranean and Air Space Lease (the “Lease”) with the Owner, 202 E. Washington, LLC (the “Lessee”) of the property located at 1 N. Web...
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