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CIC To Explore Lease Deal |
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Wednesday, 05 August 2009 |
By MIKE BURKHOLDER
Managing Editor
ST. MARYS — If a proposed deal between a development entity and the owner of a downtown building goes through, the district could see some new residents.
Members of the St. Marys Community Improvement Corporation (CIC) voted Tuesday to explore the possibility of entering into a master lease agreement with Riverside Apartments LLC to secure payments for the revolving loan fund pending the resolution of any code issues. CIC President Kraig Noble said the lease agreement would give the CIC control of the three storefronts below Fort Barbee Hotel.
“We have been trying to work out a solution,” Noble said, noting the owner — Fred Schwaub — has had difficulty keeping up with payments due to the CIC. “This could help us get the $5,000 back to the fund and get some action downtown. He doesn’t have the ability to make improvements. He’s willing to let the CIC take over.”
Noble said there are prospective tenants interested in the storefronts. However, Noble said before the CIC executes an agreement, any code issues must be resolved.
Noble said the deal also would not put any taxpayer dollars at risk. The CIC, the development arm of the city, has its own coffers.
“It could be a short-term deal with options,” Noble said, noting the topic would be discussed further at a future CIC meeting.
Any future tenants under the deal would pay rent to the CIC. Industrial and Community Development Manager Todd Fleagle said the deal could help downtown.
“People have been complaining that the city needs to get more involved in downtown,” Fleagle said. “This is the first step — it’s a logical step.”
Noble declined to mention the parties interested, but said one of them was not a restaurant. CIC member Brad Bartlett was the lone member to vote against the resolution.
The next meeting of the St. Marys CIC is scheduled for 4:30 p.m. Sept. 1 at the city building located along East Spring Street. |
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Last Updated ( Tuesday, 01 September 2009 )
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