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Meeting Date:
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6/15/2021 - 5:30 PM
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Category:
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ITEMS OF BUSINESS
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Type:
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Action
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Subject:
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15. Action on a Request to Approve the First 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 First Amendment to the Lease Agreement – Milwaukee Excellence
2. Original Lease Agreement – Milwaukee Excellence
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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 can 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.
On December 17, 2015, the Milwaukee Board of School Directors approved a five-year non-instrumentality charter contract with Milwaukee Excellence to begin with the 2016-2017 school year.
The Administration is requesting approval of the proposed first amendment to the lease agreement with Milwaukee Excellence that will extend the lease term from July 1, 2021, through June 30, 2026, which aligns with the charter term contract.
The lease rent revenue shall be as follows:
July 1, 2021 – June 30, 2022 = $282,310
July 1, 2022 – June 30, 2023 = $287,956
July 1, 2023 – June 30, 2024 = $293,715
July 1, 2024 – June 30, 2025 = $299,589
July 1, 2025 – June 30, 2026 = $305,581
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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 $1,469,151.
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Implementation and Assessment Plan
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Upon Board approval, the attached First 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 Administration recommends that the Board approve the First 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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Tracey Parrish - Administrative Assistant III
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Signed By:
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Sean Kane - Design & Construction Mgr III
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Signed By:
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Ruzica Drca - Financial Planning & Budget Coordinator III
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Signed By:
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Katrice Cotton, Ed.D. - Chief School Administration Officer
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Signed By:
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Calvin Fermin - Deputy Superintendent
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Signed By:
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Keith Posley, Ed.D. - Superintendent
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