Fiscal Note
The proposed resolution extends the lease utilized by Human Resources to meet with employees who request workplace accommodations. The current term of the agreement ends December 31, 2023. This resolution provides for five (5)-one (1) year renewal options through calendar 2028, if the City elects to exercise all these options. Rent costs for 2023 are funded within Human Resources' 2023 operating budget. Rent for future years will be included in future operating budget requests and subject to Council approval.
Title
Authorizing the City to enter into a First Amendment to a Lease with Insurance Building Associates for the property located at 119 Martin Luther King, Jr. Blvd for Human Resources. (4th AD)
Body
WHEREAS, Insurance Building Associates a Wisconsin limited partnership (“Lessor”), is the owner of the commercial building located at 119 Martin Luther King, Jr. Blvd (“Building”); and
WHEREAS, the Lessor and the City are parties to that certain Lease dated December 15, 2018 (“Lease”); and
WHEREAS, the City exercised the existing three Option Terms and the Lease Term expires on December 31, 2023-there are no remaining options to renew; and
WHEREAS, Human Resources would like to continue its use of the Leased Premises, and requested five (5) additional renewal options of one (1) year each for the Leased Premises; and
WHEREAS, the terms of a first amendment to the Lease regarding the continued use of the Leased Premises have been negotiated between the Lessor and the City’s Office of Real Estate Services.
NOW, THEREFORE, BE IT RESOLVED, in consideration of the foregoing recitals, that the Mayor and City Clerk are hereby authorized to execute a first amendment (“First Amendment”) to the Lease under substantially, but not exclusively, the following terms:
1. Amend Paragraph 4 of the Lease (Term) to add the following paragraph at the bottom thereof:
The City exercised Option Terms 1 through 3 and the Lease ending date is December 31, 2023, u...
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