Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Old Exchange topic
No spam. Unsubscribe anytime.
Old Exchange commission renews 1976 agreement for 25 years; city lease up for review in October
Summary
The Old Exchange Building Commission unanimously voted to renew a 1976 agreement with the state for a 25-year term; the city's three-year management lease expires in November 2026 and the commission will discuss any changes at an October meeting before city council review.
Romaine, a Special Facilities staff member, told the committee the Old Exchange Building Commission unanimously voted in July to renew the 1976 agreement with the state for an additional 25-year term, a move the commission said reflects continued partnership with the city. "The commission in the state is on a 25 year. So we just they just renewed the 25 year," Romaine said.
Romaine explained that the city's three-year management lease for the Old Exchange expires in November 2026; the commission will meet in October to consider any changes to the framework and city staff would present outcomes to City Council afterward. He emphasized that the city's role is day-to-day management and that the commission retains responsibility for securing additional funding if revenue shortfalls occur.
