ACTION REQUESTED:
Title
Communication from the City Manager with a Request to APPROVE the RENEWAL of the POWELL PRESS BUILDING LEASE CONTRACT with EMACK AND BOLIO’S. (Council District 1)
Body
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. Emack and Bolio’s gross sales have been strong and stable for the last three years.
Emack and Bolio’s lease was recently extended per Council Approval to January 10, 2020. City staff recommends renewal of their lease as a 5-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, 2025.
FINANCIAL IMPACT: Financials
NEIGHBORHOOD CONCERNS: None
IMPACT IF APPROVED: Emack and Bolio’s will continue to function on the Riverfront
IMPACT IF DENIED: We do not know what company will take the location.
ALTERNATIVES: We can offer a bid process for use of the location.
EEO CERTIFICATION NUMBER:
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
DEPARTMENT: City Manager's Office