Fiscal Note
No fiscal or budgetary impact.
Title
Authorizing the execution of a Lease between the City of Madison and 727 Lorillard LLC for the installation and maintenance of a boundary fence along the WisDOT railroad corridor and North Shore Drive, at 727 Lorillard Court.
Body
WHEREAS, 727 Lorillard LLC (the “Lessor”) is the owner of certain real property located at 727 Lorillard Court ( the “Lessor’s Property”); and
WHEREAS, the City of Madison (the “Lessee”) is the owner of an adjacent property know as Brittingham Park, located at 201 Proudfit Street (the “Lessee’s Property”); and
WHEREAS, the Lessor’s Property and the Lessee’s Property are both located along and adjacent to the former Union Pacific Railroad rail corridor (the “Corridor”), now owned by the State of Wisconsin Department of Transportation (“WisDOT”); and
WHEREAS, as part of a petition by the Lessee to install a bicycle/pedestrian crossing of the Corridor along North Shore Drive, WisDOT has required that the Lessee install and maintain a boundary fence between the Lessor’s and Lessee’s Property and said Corridor to help prevent pedestrians from crossing the active WisDOT rail line; and
WHEREAS, in order to provide an adequate space for the Lessee to install said boundary fence from the Lessor’s Property to said bicycle/pedestrian crossing, the Lessor has agreed to provide a lease to the Lessee, at no cost to the Lessee, for an area along and adjacent to the Corridor and the Lessor’s Property.
NOW, THEREFORE, it is mutually agreed as follows:
1. Lessor shall lease to the Lessee certain land area located on the Lessor’s Property (the "Leased Premises") for the construction, maintenance and operation of a boundary fence adjacent to the WisDOT Corridor. The Leased Premises are described and depicted on attached Exhibits A and B, respectively.
2. Term. The Lease shall be for a term of ten (10) years. The Lease shall commence as of February 1, 2017 (the “Effective Date”) and expire on J...
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