7.350 Air Rights Lease.

(1) Authorization. Pursuant to the authority granted in Wis. Stat. § 66.0915(3) the Common Council of the City of Manitowoc hereby authorizes the City to enter into an air rights lease with Holy Family Memorial, Inc.

(2) Purpose. The purpose of the air rights lease is to connect the Holy Family Memorial building located on the west side of South 21st Street between Wollmer Street and Clay Pit Road with a proposed stair/elevator building to be located on the east side of South 21st Street with a pedestrian overpass (walkway/skywalk) across South 21st Street for facilitating pedestrian traffic between the properties.

(3) Public Interest. The granting of the air rights lease is in the public interest to serve the pedestrian traffic.

(4) Term. Said air rights lease shall be granted for a period of 99 years.

(5) Rent. Rent shall be paid annually on or before the anniversary date, as defined under the lease agreement. The rent rate shall be recalculated every 10 years to determine and establish the rent rate per year for the succeeding 10-year term.

(6) Premises. The walkway/skywalk improvements shall be privately owned by Holy Family Memorial, Inc., and shall not be available for general public use.

(7) Signage. Any signs which Holy Family Memorial, Inc., desires to place on or in the walkway/skywalk, or any appurtenant buildings and structures, shall be subject to the local, State and Federal laws and shall require prior written approval of the City of Manitowoc.

(8) Maintenance. Holy Family Memorial, Inc., shall be responsible for maintaining and repairing the walkway/skywalk and all appurtenant buildings, structures, fixtures and systems and shall keep, within a reasonable time period, the walkway/skywalk and the right-of-way below clear of snow, ice and debris at all times.

(9) Insurance. Holy Family Memorial, Inc., shall procure and maintain in force throughout the lease term commercial general liability insurance, insuring both Holy Family Memorial, Inc., and the City of Manitowoc with a combined single limit of liability of not less than $1,000,000 per occurrence. If liability coverage is subject to an annual aggregate limit, then the amount must be not less than $2,000,000. Further, Holy Family Memorial, Inc., shall obtain extended coverage or “special form causes of loss” casualty insurance for not less than full replacement cost of the walkway/skywalk and all appurtenant buildings, structures and improvements. The City shall be named as an additional insured on the policy, and Holy Family Memorial, Inc., shall give the City at least 30 days’ written notice of any cancellation, termination or changes in the policy.

(10) Recording. The air rights lease agreement shall be recorded in the Register of Deeds office in the County of Manitowoc, Wisconsin, and all its terms shall be herein incorporated by reference.

[Prior code § 7.35]