Fiscal Note
Annual rent payable for the first lease year shall be in the amount of $6,456.60 $8,925.00 and shall be deposited into the General Fund (Acct. No. GN01-78220). Rent shall be subject to a 3% annual increase.
Title
SUBSTITUTE Authorizing the Mayor and City Clerk to execute a lease with MDI Regent Madison Hotel, LLC allowing for the use of a portion of the City-owned transportation corridor parcel located at 650 West Washington Avenue for private open space, walkway, storm sewer and landscaping 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 four property owners adjacent to the City’s Property, which lease allows the adjacent property owners to use a portion of the City’s Property for private parking purposes and
WHEREAS, one of the properties adjacent to the City’s Property, the property located at 780 Regent Street, has been subdivided by Certified Survey Map No. 15202, recorded in Vol. 108 of Certified Survey Maps, Pages 84-89, Doc. No. 5509703, with the northern parcel more particularly described on attached Exhibit B and depicted on attached Exhibit C (the “Abutting Property”) and now owned by MDI Regent Madison Hotel, LLC (“MDI”); and
WHEREAS, MDI plans to redevelop the Abutting Property and desires to use the adjacent portion of the City’s Property for the purpose of constructing, operating and maintaining private open space, walkway, storm sewer and landscaping, which use shall be ancillary to the hotel business operations at the Abutting Property; and
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