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Meeting Date:
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3/21/2024 - 5:30 PM
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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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Action
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Subject:
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8. Action on a Request to Approve the Fourth Amendment to Extend the Lease Agreement with Assata at the 35th Street Building Located at 3517 West Courtland Avenue
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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 Fourth Amendment to the Lease Agreement - Assata
2. Third Amendment to the Lease Agreement - Assata
3. Second Amendment to the Lease Agreement - Assata
4. First Amendment to the Lease Agreement - Assata
5. Original Lease Agreement - Assata
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File Attachment:
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Background:
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Assata was established as a Milwaukee Public Schools partnership school in 1992. Assata provides an educational program for students in grades 9 through 12 who are at risk of not graduating as defined in Wis. Stat. 118.153(1)(a). Assata's educational component is designed to integrate historic contributions and experiences of African Americans into the daily curriculum as a means to expand both subject and content knowledge needed to overcome credit deficiencies.
In June 2013, the Milwaukee Board of School Directors entered into a lease agreement with Assata for a portion of the 35th Street School property located at 3517 West Courtland Avenue. In June 2016, the Milwaukee Board of School Directors approved the first amendment to the lease term agreement, the second amendment to the lease agreement was approved in June 2018, and the third amendment to the lease agreement was approved in May 2021.
The Administration is requesting approval of the proposed fourth amendment to the lease agreement with Assata that will extend the lease term from July 1, 2024, through June 30, 2027, which aligns with the term of the current partnership contract with Assata.
The lease rent revenue shall be as follows:
July 1, 2024 - June 30, 2025 = $121,827
July 1, 2025 - June 30, 2026 = $126,700
July 1, 2026 - June 30, 2027 = $131,768
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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 $380,295.
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Implementation and Assessment Plan
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Upon Board approval, the attached Fourth Amendment to the Lease Agreement with Assata will be executed.
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Recommendation:
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Your Committee recommends that the Board approve the Fourth Amendment to the Lease Agreement with Assata.
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Approvals:
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Recommended By:
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Signed By:
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Jill Kawala - Interim Director/Board Clerk
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