Title
Resolution to approve the extension of a parking lot lease contract by and between the City of West Allis and CTR Partnership, L.P., property owner for the property located at 7400 W. Greenfield Ave.
Body
WHEREAS, a Lease Agreement dated December 21, 2006 between the City of West Allis and West Allis Senior Living LLC was entered into for the use of the City-owned parking by West Allis Senior Living LLC; and
WHEREAS, an Assignment and Assumption of Parking Space Lease Agreement dated July 31, 2010 between Stayton SW Assisted Living, L.L.C., successor to West Allis Senior Living, L.L.C., and BRE/SW West Park Place LLC was entered into for the use of the City-owned parking; and
WHEREAS, on February 2, 2016, the City of West Allis approved an Amendment to Lease Agreement, dated February 11, 2016 and effective March 1, 2016, between the City and CTR Partnership, L.P. for the continued rental of thirty-eight (38) parking stalls (the "Parking Stalls") on the west side of South 74th Street and north of the east/west alley of West Greenfield Avenue (collectively, the Lease Agreement and Amendment to Lease Agreement are referred to as the "Lease Agreement"). The sublease by Lessee of the foregoing Lease Agreement to LL West Allis LLC, effective March 1, 2016 was also approved; and
WHEREAS, on November 1, 2019, Lessee having terminated the lease to LL West Allis, LLC of (1) a certain senior housing facility in the City of West Allis (the "Facility") and (2) the sublease of the Lease Agreement, entered into a new lease of such Facility with NSS-ALF West Allis, LLC ("Sublessee"); and
WHEREAS, Lessee and Lessor wish to further amend the Lease Agreement to provide for (i) an extension of the Lease Agreement for five (5) years from and after March 1, 2020, (ii) for additional extension options of five (5) years each, (iii) approval of Sublessee's use of the Parking Stalls under this Lease Agreement, and (iv) approval of a potential future ...
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