TROY — Following an executive session, the Troy Community Improvement Corporation approved two lease agreements for both recreational use and restaurant occupation at the city’s recently renovated Marina building on Wednesday.
Ron and Larry Smith signed a five-year agreement with the CIC to occupy the Marina’s restaurant space as “Smith’s Boathouse Restaurant.”
The agreement includes an initial five-year agreement with an optional five-year extension with the CIC contingent upon mutual consent.
For the first seven months, the CIC is not requiring rental fees from the Smiths due to construction and start-up operations. Following that time period, a four month fixed rent of $1,200 per month will be required; the next four months a $1,200 a month rent plus 1.5 percent gross sales receipts; the remaining lease requires a $1,200 a month rent plus 3 percent gross sales for the first $1 million in sales. The agreement also includes a 3.25 percent gross sales payment for receipts over $1 million in gross sales.
Chris Jackson of Tipp City signed a three-year concession agreement with the CIC for seasonal canoe, kayak and other watercraft on Tuesday. Jackson has dubbed the business “Adventures on the Great Miami.” The lease agreement is for $600 for the 2016 term of the lease; $1,200 for 2017 and 2018 seasons. The business would use the basement of the Marina building as well as shared use of space next to the boat dock and ramp. The lease also includes two-year optional extensions with mutual terms.
Part of the conditions of the agreement is the “Adventures on the Great Miami” must operate each weekend from May through October.
The CIC also amended its agreement with the city of Troy in the area of property taxes for the Treasure Island lease.
Members of the city of Troy’s loan review committee will meet to consider both businesses’ loan requests at 4 p.m. today at City Hall.
Reach Melanie Yingst at [email protected] or follow her on Twitter @Troydailynews