Fiscal Note
The proposed resolution authorizes revisions and updates to the Declaration of Covenants, Conditions and Restrictions for the Center of Industry & Commerce (CIC). No City appropriation is required.
Title
Authorizing the amendment and restatement of the Declaration of Covenants, Conditions and Restrictions for the Center of Industry & Commerce, to revise and update various provisions contained therein.
Body
WHEREAS, The Center for Industry & Commerce L.L.C., previously Declarant under the Declaration, executed The Center for Industry & Commerce Declaration of Covenants, Conditions, and Restrictions for the Center for Industry & Commerce and recorded the same with the Dane County Register of Deeds on March 25, 2003 as Document No. 3677132 (the “Declaration”); and
WHEREAS, the Declaration was amended in 2005 by Amendment to the Center for Industry & Commerce Declaration of Covenants, Conditions, and Restrictions recorded on February 23, 2005 with the Dane County Register of Deeds as Document No. 4023951; and
WHEREAS, Article IV of the Declaration establishes a design review board (the “Design Review Board” or “Design Board”); and
WHEREAS, Article X.A. of the Declaration provides that the Declaration may be amended by a written recorded instrument executed by a majority of the Design Review Board and the Declarant, so long as the Declarant continues to hold any interest in the Project described in the Declaration; and
WHEREAS, Article X.F. permits the assignment of rights from the Declarant to another person or entity, and The Center for Industry & Commerce L.L.C. so assigned its rights as Declarant under the Declaration to the City of Madison (the “City”) by recorded document with the Dane County Register of Deeds as Document No. 5007196; and
WHEREAS, the Declaration was further amended by Second Amendment to Declaration of Covenants, Conditions and Restrictions recorded on July 27, 2017 with the Dane County Register of Deeds as Document No. 53...
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