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Market House partners ask for multi‑year certainty; council postpones lease decision to Oct. 15
Summary
Market House partners told the Annapolis Finance Committee they have invested hundreds of thousands into the building and need longer lease certainty to justify further capital work. The committee postponed consideration of ordinance O3325 to its Oct. 15 meeting to allow staff and vendors to finalize a redline lease.
Market House partners told the Annapolis Finance Standing Committee on Oct. 1 that they need longer-term lease certainty to justify further investments in the downtown Market House building. The committee voted to postpone ordinance O3325 to its Oct. 15 meeting so staff and the vendor can finish negotiating a redline lease.
The committee chair opened the item by asking staff for an update; Miss Buckland said the city “sent them a red line version” modeled on other city leases and that the exchange is still recent. Jody Danick, “partner at Market House,” told the committee the building was left empty for about a decade before partners reopened it and that extensive historical negotiations and many stakeholders were involved. Danick said the partners want to avoid repeated renegotiations and to preserve opportunities for local entrepreneurs in downtown Annapolis.
Keith Bouchard, another Market House partner, quantified the need for predictability. “We’ve invested, you know, several $100,000 so far,” he said, listing work such as a new floor, HVAC service contracts, and planned bathroom and kitchen renovations. Bouchard said the business has seen about “30% a year” revenue growth since the worst of the pandemic and that capital investments will only proceed if the partners have multi‑year visibility rather than recurring five‑year administrative renewals that leave them dependent on future administrations.
Council members said they are comfortable letting apolitical staff negotiate lease terms with oversight from elected members rather than having multiple aldermen at the negotiating table. Market House partners offered to attend the rules meeting and to work with staff between now and Oct. 15. A motion to postpone consideration of O3325 to the Oct. 15 finance committee meeting was made, seconded and carried by voice vote. The chair asked staff to ensure the committee will have all necessary information at the Oct. 15 meeting so a decision can be reached.
The committee did not take final action on lease terms at this meeting; the next procedural step is the Oct. 15 finance committee hearing, where staff expect to present a fuller update and the redline lease language.
