Fiscal Note
The proposed resolution authorizes amending a lease between the City of the Madison and Vera Court Neighborhood Center, Inc. (the “Lessee) to extend the expiration of the lease until December 31, 2019 and to continue, if mutually acceptable to the City and Lessee, the lease on a month-to-month basis until either party provides written notice to terminate the Lease. The lease is for City-owned property located at 1910 Lake Point Drive and is known as The Bridge Lake Point Waunona Neighborhood Center. Rent will remain at $1,000 per month and all other provisions of the lease remain unchanged. No City appropriation is required.
Title
Authorizing the Mayor and City Clerk to execute a First Amendment to Lease with Vera Court Neighborhood Center, Inc. for the City owned property located at 1910 Lake Point Drive.
Body
WHEREAS, the City of Madison (the “City”) is the owner of the property located at 1910 Lake Point Drive (the “Property”), more particularly described in the attached Exhibit A; and
WHEREAS, the Property is improved with a building used for neighborhood center purposes and known as The Bridge Lake Point Waunona Neighborhood Center (the “Building”); and
WHEREAS, the City and Vera Court Neighborhood Center, Inc. (the “Lessee”) are parties to that certain Lease dated October 30, 2013 and recorded November 1, 2013 with the Dane County Register of Deeds as Document No. 5035409 (the “Lease”); and
WHEREAS, pursuant to Paragraphs 3 and 4 of the Lease the initial term of the Lease through September 30, 2015 could be extended for up to three (3) successive terms of one (1) year such that the Lease is currently scheduled to expire on September 30, 2018; and
WHEREAS, the City and the Lessee desire to modify the renewal provision of the Lease to extend the expiration until December 31, 2019 and to continue thereafter on a month-to-month basis.
NOW, THEREFORE, BE IT RESOLVED that the City of Madison hereby authorizes the execution of a First Amendmen...
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