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Annapolis committee recommends changes to Market House lease, adds $100,000 tenant investment requirement
Summary
The committee voted to recommend amended lease terms with the Market House tenant that raise base rent and create reporting requirements; the committee added language tying a $100,000 required tenant investment to capital expenditures that directly benefit the city.
The Annapolis Finance Committee on Oct. 15 recommended a negotiated revision to the Market House lease that raises base rent, adds reporting requirements and formalizes a $100,000 initial-term investment obligation by the tenant, with limits on when the city will allow that $100,000 to be deducted from performance rent.
Ashley Leonard, Assistant City Attorney, summarized the key lease changes: security deposit raised to $15,000; basic rent increasing to $11,000 per month; and a performance-rent structure that charges 1 percent of gross receipts…
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