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Committee pauses Market House lease negotiations, asks for performance and rent clarifications
Summary
The Economic Matters Committee postponed action on O-33-25, a proposed long-term lease for Market House, after lengthy discussion about term length, rent structure, performance rent, and tying renewals to infrastructure improvements. The committee asked staff to return in October with negotiated amendments.
The Economic Matters Committee on Sept. 17 voted to postpone consideration of O-33-25, a proposed long-term lease for Market House, until the committee’s October meeting so staff and the tenant can negotiate amendments on renewals, rent escalators and performance metrics.
Assistant City Attorney Ashley Leonard presented the draft lease and said it is based on the current agreement but includes several substantive changes. The new draft would set a five-year initial term with three unilateral five-year renewal options exercisable by the tenant unless in default; the draft removed the previous unlimited extension language.
Under the draft, base rent was increased from $8,000 to $10,000 and would rise 5% at each renewal (every five years). The lease would also include…
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