Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
EDA renews infield tenant lease at $10.50 per square foot for five years
Loading...
Summary
The EDA approved a five-year renewal of the infield tenant lease at $10.50 per square foot, following loan-committee review and discussion about potential facility improvements and signage; the motion carried.
The East Grand Forks Economic Development Authority voted to renew the infield tenant lease at $10.50 per square foot for the next five years, with plans to review terms at the next renewal.
Staff said the loan committee reviewed the proposed renewal and recommended keeping rent at $10.50 per square foot given tight restaurant industry margins. The director noted the building has not had recent aesthetic updates and the loan committee recommended considering improvements tied to safety, code or energy issues rather than purely cosmetic work.
Board members discussed signage responsibilities and generally agreed signage is typically the tenant’s responsibility, not the city’s. One board member suggested using microloans or other programs if the tenant required assistance with improvements.
A motion to approve the lease renewal was moved and seconded and the board voted in favor; the chair announced the motion carried.
What’s next: Staff will proceed with the renewal under the approved terms and will follow up on program options for any tenant-requested improvements; no additional funding was authorized at this meeting.
