Fiscal Note
Private contract. No City funds required.
Title
Authorizing the Mayor and City Clerk to execute the Notice of Termination of Stormwater Maintenance Agreement for 1501 Monroe Street. (13th AD)
Body
WHEREAS, on October 29, 2008 Wisconsin Avenue Associates, as owner of the property located at 1501 Monroe St. in the City of Madison (the “Property”), more particularly described as Lot 1 of CSM 13143, entered into a “Declaration of Conditions, Covenants and Restrictions for Maintenance of Stormwater Management Measures” (doc. 4491006) (the “Agreement”) in which the City was granted rights set forth therein; and,
WHEREAS, on November 10, 2008 Wisconsin Avenue Associates quit claimed its interest in the “Property” to Sieger LLC (doc. 4481582), which company is now owned fully by Red Hospitality LLC, a Delaware Limited Liability Company; and,
WHEREAS, both Sieger and the City now wish to terminate the Agreement, which they may do under Section 3 of the Agreement by recording a written notice of termination with the Register of Deeds.
NOW, THEREFORE, BE IT RESOLVED:
1. That the Mayor and City Clerk are hereby authorized and directed to execute the notice of termination pursuant to the Section 3 of the Agreement (doc. 4491006).