Fiscal Note
The proposed resolution authorizes execution of a lease for the continued use of City-owned property for parking purposes. Annual rent payable for the first lease year shall be approximately $32,400 and deposited into the General Fund. Rent shall be subject to a three percent annual increase.
Title
Authorizing the Mayor and City Clerk to execute a lease with Collegiate Gothic Associates Limited Partnership et al. allowing for the continued use of a portion of the City-owned transportation corridor parcel located at 650 West Washington Avenue for parking purposes. (8th A.D.)
Body
WHEREAS, the City owns a fifty-foot wide strip of land, addressed as 650 West Washington Avenue and more particularly described on attached Exhibit A and depicted on Exhibit C (the “City’s Property”), which property was dedicated to the City for future street highway and parkway purposes in 1989 by the plat of West Madison Depot and is currently partially improved as a multi-use pedestrian and bicycle path; and
WHEREAS, on August 20, 2007, the City entered into a 10-year lease (the “Original Lease”) with the owners of four contiguous properties adjacent to the City’s Property, as follows: 780 Regent Street (Owner: Collegiate Gothic Associates Limited Partnership), 740 Regent Street (owner: 740 Regent Street Associates), 700 Regent Street (owner: 700 Regent Street Associates), and 660 West Washington Avenue (owner: City Station Associates Limited Partnership); and
WHEREAS, such properties are hereinafter collectively referred to as the “Original Benefitting Properties” and the owners are hereinafter collectively referred to as the “Original Lessees;” and
WHEREAS, the Original Lease allows the Original Lessees to use a portion of the City’s Property (the “Original Leased Premises”) for private parking purposes, which use is ancillary to the various business operations at their respective Original Benefitting Properties; and
WHEREAS, one of the Original Benefitting Prop...
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