Fiscal Note
The proposed resolution authorizes a $500,000 grant to Art + Literature Laboratory (ALL) to assist with building tenant improvements in the South Livingston Street Garage, currently operated by the City’s Parking Utility. The commercial space will be leased by ALL for the operation of a non-profit arts center. The initial term of the lease will be for 20 years with monthly rent payable to the Capital Revolving Loan Fund. The $500,000 grant will be paid back in full according to the rental schedule agreed upon in the Letter of Intent included in the lease. The $500,000 grant is funded by the Economic Development Division’s Capital Revolving Fund Loans capital program, which includes $650,000 of budget authority in the 2019 Adopted Capital Budget. No additional City appropriation is required.
Title
Authorizing the Mayor and City Clerk to execute a lease with Art + Literature Laboratory (ALL) for the use of commercial space in the South Livingston Street Garage, located at 111 South Livingston Street, for the operation of a non-profit arts center, together with the approval of a grant to ALL in the amount of $500,000 from the Madison Capital Revolving Fund.
Body
WHEREAS, the City of Madison (“City”) is the owner of the South Livingston Street Garage located at 111 South Livingston Street (“Property”), operated by the City’s Parking Utility, which contains 9,910 square feet of vacant commercial space in grey box condition, fronting the 800 block of E. Main Street (“Leased Premises”); and
WHEREAS, in 2017, the City conducted a Request for Information and selected the Art + Literature Laboratory (“ALL”) to be the occupant of the Leased Premises; and
WHEREAS, ALL signed a Letter of Intent (“LOI”) detailing the lease terms, and desires to enter into a lease with the City to use Leased Premises for the operation of a non-profit arts center, which is attached hereto; and
WHEREAS, the City agrees to provide a grant to ALL in the amount of $500,000 from the...
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