Title
2011 Budget Amendment: From the Department of Administrative Services, an informational report on the intent to enter into negotiations with Milwaukee Kickers Soccer Club for a mutually agreed upon terms for a ten-year lease extension. (INFORMATIONAL ONLY UNLESS OTHERWISE DIRECTED BY THE COMMITTEE)
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Background
In 1994, Milwaukee County entered into a lease with the Milwaukee Kickers Soccer Club, Inc. for the building and premises located at 7003 West Good Hope Road in the City of Milwaukee. The County issued general obligation bonds in 1995 for the construction of the building. The rent payments included in the original lease were structured to reflect the County’s repayment of the bonds.
The term of the lease is twenty years and will expire in 2014, although the final payment for the initial term was made in August 2011.
Included in the lease is a provision for three ten-year options that may be exercised by the Milwaukee Kickers Soccer Club. According to the 2nd amendment to the lease, the club shall pay the County annual rental payments in an amount, and at such times, as would be mutually agreed upon.
Issue
The County has received notice that the Milwaukee Kickers would like to exercise its option to renew the lease for an additional ten years.
In accordance with Section 4.02 (b) of the 2nd amendment to the original lease Milwaukee County will enter into negotiations with the Milwaukee Kickers in an attempt to come to a rental payment amount that would be mutually agreed upon.
As included in the 2011 Adopted Budget, a work group consisting of the Department of Administrative Services, the Department of Parks, Recreation, and Culture, the Department of Audit, the Department of Transportation and Public Works, and County Board staff will assemble to potentially develop mutually agreed upon terms for a ten-year lease extension with the Milwaukee Kickers Soccer Club.
In August of 2011, the Department of Transportation and Public Works com...
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