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Meeting Date:
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Category:
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Report of the Committee on Accountability, Finance, and Personnel |
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Type:
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Subject:
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3. Action on a Request to Approve the Second Amendment to the Lease Agreement with Milwaukee Excellence Charter School for the Property Located at 4950 North 24th Street |
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Strategic Plan Compatibility Statement:
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Goal 3 Effective and Efficient Operations
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Attachments:
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1. Proposed Second Amendment to the Lease Agreement – Milwaukee Excellence
2. First Amendment to the Lease Agreement – Milwaukee Excellence
3. Original Lease Agreement – Milwaukee Excellence
4. Proposed Second Amendment to the Lease Agreement – Milwaukee Excellence - Exhibit A (Floor Plan) |
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File Attachment:
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Background:
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The mission of Milwaukee Excellence is to educate students in grades 6 through 12 through rigorous academics and character education essentials for success so they are able to excel and graduate from four-year colleges and pursue the professions of their choice. The goal of Milwaukee Excellence is for its graduates to carry with them character traits formed by values and to be equipped with the scholarly habits necessary to navigate their personal lives while attending college. Milwaukee Excellence is relocating their program from the Happy Hill School at 7171 W. Brown Deer Road to expand the program onto the second floor at 4950 North 24 Street.
The Administration is requesting approval of the proposed second amendment to the lease agreement with Milwaukee Excellence that runs through June 30, 2026, which aligns with the charter term contract.
The lease rent revenue shall be as follows:
July 1, 2023 – June 30, 2024 = $386,888
July 1, 2024 – June 30, 2025 = $394,626
July 1, 2025 – June 30, 2026 = $402,519 |
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Fiscal Impact Statement:
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There are no expenditures associated with this item. Total lease revenue for lease term is $1,184,033. |
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Implementation and Assessment Plan: |
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Upon Board approval, the attached Second Amendment to the Lease Agreement with Milwaukee Excellence Charter School for the Property Located at 4950 North 24th Street will be executed. |
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Recommendation
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The Committee recommends that the Board approve the Second Amendment to the Lease Agreement with Milwaukee Excellence Charter School for the Property Located at 4950 North 24th Street. |
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Approvals:
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Recommended By: |
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Signed By: |
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Jacqueline M. Mann, Ph.D. - Board Clerk/Chief Officer |
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