Fiscal Note
The proposed resolution will extend Metro Transit’s lease with CAG Development, LLC, or assigns, until December 31, 2021. Monthly rent is $7,145 and is included in Metro Transit’s 2021 adopted operating budget. No additional City appropriation is required.
Title
Amending the renewal term in Resolution RES-21-00081, and authorizing the execution of a lease amendment for Metro Transit’s warehouse space located at 2422 Pennsylvania Avenue (12th A.D.)
Body
WHEREAS, the City is leasing space at 2422 Pennsylvania Avenue (“Property”) for warehouse space for Metro Transit’s building and grounds division; and
WHEREAS, Metro Transit is currently under contract to purchase the Hanson Road Metro Satellite Facility in July 2021; and
WHEREAS, the equipment and vehicles stored at the Property will relocate to Hanson Road Metro Satellite Facility after renovations thereto are complete; and
WHEREAS, the lease for said space at the Property is dated May 17, 2016 and recorded as Document # 5235635 with the Dane County Register of Deeds on May 19, 2016 (the “Lease”); and
WHEREAS, the Initial Lease Term of the Lease will expire on May 31, 2021; and
WHEREAS, Resolution RES-21-00081, which passed on January 19, 2021, approved the extension of the Lease term until May 31, 2022; and
WHEREAS, the City and Landlord have negotiated new terms to extend the Lease for seven months until December 31, 2021 (the “Extended Term”).
NOW, THEREFORE, BE IT RESOLVED that a First Amendment to the Lease with CAG Development, LLC or assigns (“Lessor”) is approved subject to the following general terms and conditions:
1. Paragraph 2 of Lease-Term, is hereby deleted in its entirety and replaced with the following:
The initial term of this Lease (the “Initial Lease Term”) shall be for a period of five (5) years, commencing on May 16, 2016 (the “Lease Commencement Date”) and ending on May 31, 2021. The City and Lessor agreed to extend the term of the Lease for seven months after the ...
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