The Economic Matters Committee of Annapolis convened on September 17, 2025, to discuss several key issues, including the economic impact of the upcoming boat shows and the lease agreements for city properties.

A significant portion of the meeting focused on the economic benefits generated by the boat shows held in the city. While specific estimates were not provided, it was noted that the fall boat show contributed $529,365 to the city after fees were deducted. The spring boat show is expected to yield a similar financial benefit. Committee members acknowledged the broader economic impact, highlighting that local hotels, restaurants, and the marine industry greatly benefit from the influx of visitors during these events. However, the last comprehensive study on the economic impact was conducted several years ago, and estimates of up to $50 million were mentioned, though committee members expressed the need for updated research to substantiate such figures.

The committee also reviewed lease agreements for city properties, including a new lease for the Market House. This lease will have a five-year initial term with three possible five-year renewal terms. The base rent will increase from $8,000 to $10,000, with a 5% increase for each renewal. Additionally, the performance rent structure was adjusted, decreasing from 2% to 1% of cumulative annual gross revenues over $11.5 million. The lease is structured as a net zero agreement, meaning the tenant will cover utilities and most repairs, with the city retaining responsibility for certain external repairs.

The committee unanimously recommended favorable action on both the boat show leases and the Market House lease, reflecting a commitment to fostering economic growth and maintaining city properties effectively. The discussions underscored the importance of these events and agreements in supporting Annapolis's local economy.