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Resident urges careful Moore Center lease to offset debt; council weighs leasing or sale options
Summary
A resident recommended structuring the Moore Center lease to defer debt service and suggested using vacant space for revenue or relocating a program there; council discussed options including long-term lease, sale, or private operation while noting final decisions rest with full council.
A resident who follows commercial leasing urged the Finance Committee to structure the pending Moore Center lease so it helps offset debt service and reduces taxpayer burden.
Jared, a resident who spoke during public comment, said that if vacancy risk is managed and the lease is written well, the arrangement could defer much of the building’s debt service. He suggested repurposing vacant storefronts to generate revenue and proposed moving the ERKY (Erki) program into the space as a possible offset. ‘‘If this lease is structured right, it could possibly defer a lot of the cost of the debt services for the building,’’ Jared said.
Council members thanked Jared for his input and discussed options including renegotiating the lease, holding it open to long-term private operation, or selling the building and placing proceeds into the capital budget. Council members cautioned against paying certain bills until lease terms are finalized and said city staff will continue negotiations and bring options back to the council for decisions.
No lease award or sale decision was made at the meeting; councilors said final action will be up to the full council after staff returns with negotiated options.
