Number
030084
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution authorizing a 3-year lease agreement with Badger Mutual Insurance Company for 30 parking spaces in the City lot located at 1551 West National Avenue.
Analysis
This resolution authorizes the proper City officials to enter into a 3-year lease agreement with Badger Mutual Insurance Company, beginning June 1, 2003, with 2 1-year extensions permitted at the option of the City, for 30 parking spaces in the City lot located at 1551 West National Avenue.
Body
Whereas, The City of Milwaukee has operated the parking lot at 1551 West National Avenue for daytime metered parking which has resulted in extremely low occupancy and yielded below-average annual meter revenues; and
Whereas, Badger Mutual Insurance Company has been required to vacate the property it previously leased for employee parking; and
Whereas, Badger Mutual Insurance Company has requested that a lease be established for this underutilized City lot for use by its employees from 7 a.m. to 5 p.m., Monday through Friday; and
Whereas, Under the proposed lease, the lot will remain open to the public for parking from 5 p.m. to 7 a.m., Monday through Friday and all day Saturday and Sunday; and
Whereas, Badger Mutual Insurance Company has agreed to pay the market rental rate of $725 per month for a 3-year term commencing June 1, 2003, with 2 optional 1-year extensions; and
Whereas, Badger Mutual Insurance Company will be responsible for snow and trash removal; and
Whereas, No additional public parking needs have been identified for this lot; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the proper City officers are authorized to enter into a 3-year lease agreement with Badger Mutual Insurance Company, beginning June 1, 2003, with 2 1-year extensions permitted at the option of the City, for 30 spaces in the City lot located at 1551 West National...
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