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Council approves Oishi Ramen counteroffer: $7,000 monthly, five-year term with 2% annual increases
Summary
The council accepted a counteroffer from Oishi Ramen for the city-owned lease space, approving a five-year lease at $7,000 per month with 2% annual increases, and staff said property taxes were covered by the rent.
The Minot City Council unanimously approved a lease agreement with Oishi Ramen on April 7 after the restaurant submitted a counteroffer to the city’s proposed terms.
Acting Mayor Mark Janser confirmed council members were clear on the counteroffer: Oishi Ramen proposed a five-year lease at $7,000 per month with a 2% annual rent increase, a convenience termination clause with roughly a 365-day notice, and an option for an additional five-year extension by mutual agreement. City staff reported Oishi would maintain the building and had negotiated not to pay property taxes directly, asserting the rent increase would cover taxes.
Alderman Mike Fuller asked staff about property taxes for the unit; staff member Chris said the building’s total property tax liability was roughly $7,500–$9,000 but noted that figure referred to the whole building rather than a tenant’s pro rata share. Council asked staff to confirm tax treatment going forward; the motion to accept the counteroffer passed unanimously.
