ACTION REQUESTED:
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Communication from the City Manager with a Request to RENEW the POWELL PRESS BUILDING LEASE CONTRACT with EMACK AND BOLIO’S. (Council District 1)
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BACKGROUND: Emack and Bolio’s is a premium ice cream shop parlor. On May 6, 2013 the City of Peoria entered into a 3 year lease contract with Emack and Bolio’s to occupy the first floor of the City-owned Powell Press Building located at 110 NE Water St. Emack and Bolio’s monthly rent is based on 5% of gross sales. Since 2013, Emack and Bolio’s gross sales have increased every year. The owners attribute the increase in sales in large part due to tourism and the growth of Riverfront businesses and events.
Emack and Bolio’s lease was recently extended per Council Approval to December 31, 2016. City staff is recommending a renewal of their 3 year lease with the City of Peoria. The new lease includes the provision to pay HRA taxes, 5% of gross sales, utilities, and the annual property taxes.
Attached is the lease contract that extends Emack and Bolio’s occupancy in the Powell Press Building to January 10, 2020.
FINANCIAL IMPACT: Emack and Bolio’s will pay HRA taxes associated with sales at this location, monthly rent based on 5% of gross sales, utilities, and property taxes on the Powell Press Building until January 10, 2020.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: If approved, Emack and Bolio’s will continue to operate in the Powell Press building to January 10, 2020 and pay the associated taxes and fees as outlined.
IMPACT IF DENIED: The lease is terminated and operations of the business will need to cease at this location.
ALTERNATIVES: The City could issue a Request for Proposals to attract other potential tenants.
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria: Businesses, Jobs, and Population
2. Vibrant Downtown: Riverfront/ Central Business District/ Warehouse District
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: City Manager's Office