Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Finance committee backs amended Market House lease, requiring tenant investment and tighter reporting
Summary
The committee gave a favorable recommendation to an amended lease for the Market House that raises base rent and performance-rent terms, requires a $100,000 tenant investment during the initial term and adds an amendment restricting deduction of that investment from performance rent unless tied to city‑agreed capital improvements.
The Annapolis Finance Committee voted to give a favorable recommendation to ordinance O33-25, an amended lease with the Market House operator that raises base rent, refines performance-rent reporting, and includes a new clarification tying required tenant investment to capital improvements that benefit the city.
Assistant City Attorney Ashley Leonard summarized the negotiated changes: security deposit increased to $15,000; basic rent raised to $11,000 per month; performance rent set at 1% of amounts over $2,000,000; basic rent will increase 10% every five-year renewal period and performance rent will increase 5% every five years. The…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
