Madison, WI Header
File #: 86165    Version: 1 Name: 3929 Third Amendment to Lease
Type: Resolution Status: Passed
File created: 11/19/2024 In control: Economic Development Division
On agenda: 12/10/2024 Final action: 12/10/2024
Enactment date: 12/13/2024 Enactment #: RES-24-00729
Title: Authorizing the execution of a Third Amendment to Lease and Termination Agreement between the City (the “Lessee”) and 910 Mayer LLC (the “Lessor”) with respect to the leased land for Metro Transit’s north transfer facility and park and ride lot. (District 12).
Sponsors: Amani Latimer Burris
Fiscal Note
The proposed resolution authorizes the execution of the third amendment to the lease and the termination agreement for the leased land holding Metro Transit's former North Transfer Point and park and ride lot. The third amendment to the lease requires the City to pay the prorated portion of the Year 7 Annual Rent Payment within 10 days of execution of the amendment: $17,504. Once the terms of the amendment to the lease are reached, the lease will be terminated.

Funds for the prorated Year 7 Annual Rent Payment are available in the Economic Development Division's 2024 Operating Budget. The year-end appropriation resolution (Leg file 86200) transfers funds from the Division's Salary major (available via salary savings) to the Purchased Services major to cover the cost.
Title
Authorizing the execution of a Third Amendment to Lease and Termination Agreement between the City (the “Lessee”) and 910 Mayer LLC (the “Lessor”) with respect to the leased land for Metro Transit’s north transfer facility and park and ride lot. (District 12).
Body
WHEREAS, the City and the Lessor are parties to that certain Lease dated October 15, 1997 and recorded on November 7, 1997, with the Dane County Register of Deeds as Document No. 2904822; amended by the First Amendment to Lease on October 4, 2003 and recorded with the Dane County Register of Deeds as Document No. 3868193 on January 30, 2004; amended by an Affidavit of Correction on February 18, 2004 and recorded with Dane County Register of Deeds as Document No. 3881345 on March 8, 2004; as further amended by Secord Amendment to Lease dated October 3, 2018, and recorded October 24, 2018 with the Dane County Register of Deeds as Document No. 5450135 (collectively, the “Lease”); and

WHEREAS, the leased Premises is located on the real property in the City of Madison, Dane County, Wisconsin as set forth in the legal description in the attached Exhibit A to the Lease (the “Property"); and

WHEREAS, the lease term expire...

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