Fiscal Note
The Parking Division estimates lease revenues ranging from $47,000 to $140,000 annually,depending on the number of stalls that are leased (ranging from 25 to 75 stalls annually), with all stalls leased at the proposed rate of 105% of the effective residential rate (currently $150/month).
Title
SUBSTITUTE: Authorizing the Mayor and City Clerk to execute a parking lease agreement with Hovde Building, LLC, for 25 - 75 parking stalls at the Overture Center parking garage. (District 4)
Body
WHEREAS, Hovde Building LLC., is the owner and operator of 122 W Washington Ave.; and
WHEREAS Hovde Building LLC., needs available parking for staff and tenants; and
WHEREAS, Hovde Building LLC., has requested a three year parking lease term with the potential for two (2), one (1) year extensions, for a minimum of twenty-five (25) undesignated stalls, with the ability to request up to seventy-five (75) parking spaces; and
WHEREAS, the City of Madison Parking Division has a parking garage (Overture Center Garage) in proximity to this business address, and is operating under capacity and has available parking stalls to lease; and
WHEREAS, the terms of a lease have been negotiated between Hovde Building LLC and Parking Division management;
NOW, THEREFORE, BE IT RESOLVED, that the Mayor and City Clerk are authorized to execute a lease with Hovde Building LLC, for a minimum of 25 and a maximum of 75 parking stalls at Overture Center Garage upon substantially the terms and conditions contained in the attached Exhibit 1.
BE IT FURTHER RESOLVED, that the Mayor and City Clerk are hereby authorized to execute any and all documents that may be required to complete this lease transaction in a form approved by the City Attorney.