City of Madison, Wisconsin | Legislative Information Center
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File #: 60249    Version: Name: 12092 Temporary Shelter Lease at 4502 Milwaukee St - 2020 Budget Amendment
Type: Resolution Status: Filed
File created: 4/15/2020 In control: Economic Development Division
On agenda: 6/2/2020 Final action: 6/2/2020
Enactment date: Enactment #:
Title: SUBSTITUTE Amending the 2020 General Land Acquisition Fund Budget by $900,000 and aAuthorizing the execution of a two-year Lease Agreement between the City of Madison and Watson Smith LLC for the City’s lease of the property located at 4502 Milwaukee Street for temporary shelter purposes, with the option to purchase the property at the end of the two-year lease.
Sponsors: Grant Foster, Satya V. Rhodes-Conway, Donna V. Moreland, Syed Abbas, Marsha A. Rummel, Sheri Carter
Attachments: 1. 4502 Milwaukee St v2.pdf, 2. 60249 v1.pdf, 3. 60249 v2.pdf, 4. 60249 v3.pdf, 5. Legistar 60249 Addendum.pdf
Fiscal Note
The proposed resolution authorizes a two-year lease agreement with the option to purchase through the General Land Acquisition Fund. The General Land Acquisition capital program in the Economic Development Division has approximately $1.3m in available budget authority. No additional City appropriation is required.
Title
SUBSTITUTE Amending the 2020 General Land Acquisition Fund Budget by $900,000 and aAuthorizing the execution of a two-year Lease Agreement between the City of Madison and Watson Smith LLC for the City’s lease of the property located at 4502 Milwaukee Street for temporary shelter purposes, with the option to purchase the property at the end of the two-year lease.
Body
WHEREAS, Watson Smith LLC (“Lessor”) is the owner of the property containing 144,200 square feet of land and 36,192 square feet of commercial skilled nursing facility space, located at 4502 Milwaukee Street and legally described on Exhibit A and depicted on Exhibit B, attached hereto (“Property”); and

WHEREAS, the City of Madison (“City”) desires to lease the Property for the creation of a possible temporary shelter in response to the ongoing COVID-19 pandemic and for future redevelopment, and

WHEREAS, the Mayor directed City Real Estate staff to pursue the lease of properties suitable for these uses; and

WHEREAS, the City’s lease of the Property will also provide the City with the opportunity to acquire the Property in the future, as described in the terms and conditions contained within this resolution; and

WHEREAS, the Seller agrees, by virtue of an executed Lease Agreement (“Agreement”), to lease the Property to the City under the terms outlined below, which was negotiated by the City’s Office of Real Estate Services.

NOW, THEREFORE, BE IT RESOLVED that the City’s Common Council hereby authorizes the City’s execution of a Lease for the Property subject to the terms and conditions below; and,

BE IT FURTHER RESOLVED, that the source of Funding for the City’s...

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