City of Milwaukee - File #: 061487

• File #: 061487
• Version: 0
• Type: Resolution
• Status: Passed
• File created: 3/22/2007
• In control: PUBLIC WORKS COMMITTEE
• Final action: 4/17/2007
• Title: Resolution authorizing the Department of Public Works to amend the lease agreement for the city-owned property at 1118 N. 4th Street and 324 W. Highland Avenue.
• Sponsors: THE CHAIR
• Indexes: AGREEMENTS, LEASES, PARKING GARAGES, PARKING STRUCTURES

Date	Ver.	Action By	Action	Result	Tally
4/24/2007	0	MAYOR	SIGNED
4/17/2007	0	COMMON COUNCIL	ADOPTED	Pass	15:0
3/28/2007	0	PUBLIC WORKS COMMITTEE	RECOMMENDED FOR ADOPTION; Minutes note: Appearances by: Tom Gartner, Assist. City Attorney Dorinda Floyd, Director, Dept. of Public Works-Administrative Services Division Cindy Angelos, Dept. of Public Works-Administrative Services Division Peter Bethke, owner of Gametime, 1118 N 4TH ST. MILWAUKEE, WI 53203	Pass	4:0
3/23/2007	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
3/23/2007	0	PUBLIC WORKS COMMITTEE	HEARING NOTICES SENT
3/22/2007	0	COMMON COUNCIL	ASSIGNED TO

Number
061487
Version
ORIGINAL
Reference
011169
Sponsor
THE CHAIR
Title
Resolution authorizing the Department of Public Works to amend the lease agreement for the city-owned property at 1118 N. 4th Street and 324 W. Highland Avenue.
Analysis
This resolution authorizes the Department of Public Works to enter into a second amendment to extend the lease agreement an additional 3 years for the city-owned property at 1118 N. 4th Street and 324 W. Highland Avenue under the same terms and conditions of the existing lease agreement.
Body
Whereas, A lease agreement was entered into on April 1, 1997 between the City of Milwaukee and C.H.I.P. Investments, Inc. for the lease of 8,470 gross square feet of the premises located at 1118 North 4th Street and 324 West Highland Avenue; and

Whereas, The Common Council adopted Resolution File Number 011169 on March 5, 2002, amending the lease, permitting an extension of the lease through December 31, 2014, in exchange for physical improvements to the property and an annual increase in rental fees; and

Whereas, The business Gametime, Inc. was sold by C.H.I.P Investments to Mr. Peter Bethke, d.b.a. It’s Gametime LLC, on February 16, 2007, and the lease with the Department of Public Works was assigned at that time; and

Whereas, The financial entity providing funding to Mr. Peter Bethke for the purchase of the business It’s Gametime LLC requires that the term of the lease be coterminous with the 10-year loan used to purchase the business; and

Whereas, The Department of Public Works has agreed, contingent upon Common Council approval, to extend the lease agreement an additional 3 years through December 31, 2017, under the same terms and conditions of the lease held by C.H.I.P. Investments; and

Whereas, The annual increase in both the base and supplemental rents to be paid to the city will apply in the extension period through December 31, 2017; now, therefore, be it

Resolved, By the Common Council of the City of Milwau...