Madison, WI Header
File #: 82274    Version: 1 Name: 10260 Transfer Funds from Lake Point Dr to General Land Acquisition Fund
Type: Resolution Status: Passed
File created: 2/27/2024 In control: Economic Development Division
On agenda: 3/19/2024 Final action: 3/19/2024
Enactment date: 3/22/2024 Enactment #: RES-24-00211
Title: Authorizing the transfer of $80,000 from the City owned 1917 Lake Point Drive bank account managed by Broihahn Management to the City into the General Land Acquisition Fund for the payment of repairs, maintenance and replacement costs for buildings owned by the City at 1910 and 1917 Lake Point Drive, and amending Economic Development Division’s 2024 Capital Budget accordingly by said amount. (District 14)
Sponsors: Satya V. Rhodes-Conway, Isadore Knox Jr., Nasra Wehelie
Related files: 31527, 52676
Fiscal Note
The proposed resolution amends the Economic Development Division's 2024 Adopted Capital Budget to add $80,000 in revenues and corresponding expenses to the General Land Acquisition Program (GLA, Munis project #63060). The City funds are being moved from a third-party managed account for the maintenance and repairs of the City-owned property at 1917 Lake Point Dr. to the GLA for maintenance and repairs at both 1917 Lake Point Dr. and the City-owned property at 1910 Lake Point Dr.
Title
Authorizing the transfer of $80,000 from the City owned 1917 Lake Point Drive bank account managed by Broihahn Management to the City into the General Land Acquisition Fund for the payment of repairs, maintenance and replacement costs for buildings owned by the City at 1910 and 1917 Lake Point Drive, and amending Economic Development Division’s 2024 Capital Budget accordingly by said amount. (District 14)
Body
WHEREAS, the City of Madison (the “City”) owns two buildings at 1910 and 1917 Lake Point Drive; and

WHEREAS, the City is party to two separate lease agreements with Vera Court Neighborhood Center Inc. DBA Bridge Lake Point Neighborhood Center at the aforementioned buildings; and

WHEREAS, the City is self-managing the 1910 Lake Point Drive building, and the management of the 1917 Lake Point Drive building is being managed by Broihahn Management & Consulting, LLC (“Broihahn Management”); and

WHEREAS, the City is responsible for maintenance, repairs and replacement of certain items at the 1910 Lake Point Drive building per the terms in the lease dated October 30, 2013 (RES-13-00757) and an amendment dated September 14, 2018 (RES-18-00662), respectively recorded with the Dane County Register of Deeds as Document Numbers 5035409 and 5447231 (the “Lease”); and
WHEREAS, a recent inspection report of the 1910 Lake Point Drive building outlined a number of areas in the building that the City is responsible for per the Lease that need corrective action: the roof; found...

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