Fiscal Note
The proposed resolution authorizes the City IT Department to enter into a lease amendment for a five-year option with the Community Development Authority to lease space at The Village on Park for classroom space. The City shall pay an annual gross rent of $19,544 in the first year of the five-year option. Annual rent shall increase thereafter by 2.75% annually. Funding for monthly lease payments in 2019 is included in the 2019 Information Technology Adopted Operating Budget. No additional City appropriation is required.
Title
Authorizing the City to enter into a lease amendment with the Community Development Authority of the City of Madison pertaining to the lease of space at The Village on Park used by the City’s Information Technology Department. (14th AD)
Body
WHEREAS, the Community Development Authority of the City of Madison (the “CDA”) is the owner of The Village on Park, located at 2300 South Park Street; and
WHEREAS, the City of Madison (“Lessee”) leases approximately 1,396 square feet of lower level space within The Village on Park for use as classroom space by the City’s Information Technology (IT) Department; and
WHEREAS, the CDA and the Lessee are parties to that certain Lease dated February 3, 2009 and recorded February 4, 2009 with the Dane County Register of Deeds as Document No. 4501502, (the “Lease”), as well as that certain First Amendment to Lease dated September 16, 2013 and recorded September 17, 2013 with the Dane County Register of Deeds as Document No. 5025287, (the “First Amendment”); and
WHEREAS, the original term of the Lease was for the period from May 26, 2009 through May 31, 2014, and pursuant to the First Amendment, the Lessee was granted five (5) successive options to extend the term of the Lease for additional terms of one (1) year each; and
WHEREAS, the Lessee has exercised all five renewal options, such that the term of the Lease is currently scheduled to expire on May 31, 2019; and
WHEREAS, the CDA and the...
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