City of Milwaukee - File #: 121366

• File #: 121366
• Version: 0
• Type: Resolution
• Status: Placed On File
• File created: 2/5/2013
• In control: PUBLIC WORKS COMMITTEE
• Final action: 11/5/2013
• Title: Resolution approving the termination of the lease agreement between the City of Milwaukee and Centercourt 1118, LLC, for the restaurant facilities located at 1118 North 4th Street in the City’s 4th and Highland parking structure, and cancellation of rent arrearages due from Centercourt.
• Sponsors: ALD. BAUMAN
• Indexes: LEASES, PARKING STRUCTURES

Date	Ver.	Action By	Action	Result	Tally
11/5/2013	0	COMMON COUNCIL	PLACED ON FILE	Pass	15:0
10/22/2013	0	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR PLACING ON FILE	Pass	5:0
10/17/2013	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
2/13/2013	0	PUBLIC WORKS COMMITTEE	HELD TO CALL OF THE CHAIR	Pass	4:0
2/11/2013	0	CITY CLERK	Sponsor added; Minutes note: Ald. Bauman added as sponsor.
2/11/2013	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
2/8/2013	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
2/5/2013	0	COMMON COUNCIL	ASSIGNED TO

Number

121366

Version

ORIGINAL

Reference

090812

Sponsor      

Ald. Bauman

Title

Resolution approving the termination of the lease agreement  between the City of Milwaukee and Centercourt 1118, LLC, for the restaurant facilities located at 1118 North 4^th Street in the City's 4^th and Highland parking structure, and cancellation of rent arrearages due from Centercourt.

Analysis

This resolution approves the termination of the lease agreement between the City and Centercourt 1118, LLC, for the restaurant facilities located at 1118 N. 4^th Street in the City's 4^th and Highland parking structure.  The resolution also approves the forgiveness and cancellation of arrearages in rent, approximately $191,996, due from Centercourt 1118, LLC.

Body

Whereas, The Common Council adopted Resolution File Number 090812 on November 3, 2009, authorizing the Commissioner of Public Works to enter into a lease agreement with Centercourt 1118, LLC, for the retail space at 1118 N. 4^th Street, the City-owned 4^th and Highland parking structure; and

Whereas, Centercourt has operated a restaurant and bar at this location; and

Whereas, Since its establishment, Centercourt has faced a series of financial challenges including the economic recession, NBA lockout, unusually low attendance at Bucks' games and high debt, making it increasingly difficult for Centercourt to operate a viable business at this location; and

Whereas, Centercourt is currently in default under the terms of the lease agreement with the City, and approximately $191,996 in rents remain unpaid; and

Whereas, Given the arrearages in rent and the current status of operation at the leased premises, the Department of Public Works and Centercourt have mutually concluded that it is appropriate to terminate the lease between the City and Centercourt subject to conditions specified in the agreement between the two parties contained in the January 9, 2013, letter from the Commissioner of Public Works to the principals of Centercourt 1118, LLC, a copy of which is attached to the file; now, therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the proper City officials are authorized to terminate the lease agreement between the City and Centercourt 1118, LLC, for the restaurant facilities located at 1118 North 4th Street in the City's 4^th and Highland parking structure; and, be it

Further Resolved, That this termination shall be in accordance with the terms of the January 9, 2013, letter from the Commissioner of Public Works to the principals of Centercourt 1118, LLC; and, be it

Further Resolved, That the arrearages in rent, approximately $191,996, due from Centercourt 1118, LLC, are forgiven and cancelled.

Requestor

Department of Public Works-Parking

Drafter

LRB145008-1

Teodros W. Medhin:lp

1/11/2013