City negotiates new lease with North Market
The North Market’s 20-year lease with the city is set to expire at the end of this month and officials are eager to renegotiate the terms. Under the current agreement, the city has footed the bill for high-cost maintenance issues like a new roof and the installation of a new ventilation system. This is in exchange for the $1 per year that the North Market has paid in rent.
In recent years, the popular marketplace has become much more profitable through a combination of vendor agreements and profits from the adjoining parking lot. A new proposal would have the North Market create a fund with some of those profits to pay for upkeep and maintenance on the property. A new 5-year lease is on the table that could be renewed twice more after that.
(photo credit: North Market)
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