Fiscal Note
The proposed resolution authorizes execution of a second amendment to the Lease with 910 Mayer LLC (the “Lessor”), to house the Metro Transit’s north transfer facility and park and ride lot for 10 years, starting on October 5, 2018 and ending on October 4, 2028, unless otherwise terminated earlier or renewed. Within ten days of executing this Second Amendment to the Lease, the City (“Lessee”) agrees to pay the Lessor $45,927, which represents the annual rent payment for the Lease Year ending October 4, 2019. Lessee shall pay Lessor the Annual Rent Payments as noted on attached Exhibit A, on or before October 5th of each Lease Year during the Term. The annual rent payment required after execution of the amendment is included in Metro’s 2018 Adopted Operating Budget and subsequent annual rent payments will continue to be included in Metro's future operating budgets subject to Common Council approval.
Title
Authorizing the execution of a second amendment to the lease between the City (the “Lessee”) and 910 Mayer LLC (the “Lessor”) with respect to leasing land for Metro Transit’s north transfer facility and park and ride lot.
Body
WHEREAS, the Lessee and the Lessor are parties to that certain lease, dated October 15, 1997 and recorded on November 7, 1997, with the Dane County Register of Deeds as Document No. 2904822; amended by the First Amendment to Lease on October 4, 2003 and recorded with the Dane County Register of Deeds as Document No. 3868193 on January 30, 2004; amended by an Affidavit of Correction on February 18, 2004 and recorded with Dane County Register of Deeds as Document No. 3881345 on March 8, 2004 (collectively the “Lease”); and
WHEREAS, the parties desire to amend the Lease to reflect the exercise of the renewal option described in Paragraph 7 of the Lease with the following additional terms.
NOW, THEREFORE BE IT RESOLVED that the Mayor and City Clerk are authorized to execute a second amendment to the Lease with 910 Mayer LLC (t...
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