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Chaska EDA approves Copperfield restaurant lease, budgeted improvements and authorizes bond-reimbursement flexibility
Summary
The Chaska Economic Development Authority approved a lease with Copperfield (Hightop Hospitality) for the Curling & Event Center restaurant, accepted estimated tenant/owner improvements of $750,000–$800,000, and adopted a bond-reimbursement resolution to preserve financing flexibility for those improvements.
The City of Chaska Economic Development Authority on March 30 voted to approve a lease with Copperfield Chaska LLC (a Hightop Hospitality concept) for the restaurant and banquet facility at the Chaska Curling & Event Center and adopted a resolution to preserve the authority’s ability to reimburse those improvement expenditures from future bond proceeds.
The lease: EDA staff described a proposed 10-year lease with two five-year renewal options and a percent-rent structure modeled on the facility’s prior arrangement. Staff said the lease would start with a 7% rent share on the first $4,000,000 of annual revenue and escalate thereafter; the lease also includes an additional 2.8% of net sales…
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