SUBJECT:
Title
A Resolution of the Board of Trustees of the Town of Erie Approving a Lease Agreement for 555 Briggs Street
Body
DEPARTMENT: Economic Development
PRESENTER: Ben Pratt, Economic Development Director
TIME ESTIMATE: 5 minutes
only required for non-consent items
FISCAL SUMMARY:
Cost as Recommended: $40,000
Balance Available: $ 0
Budget Line Item Number: 100-22-910-573190-000000 ($30,000)
100-22-910-605000-100372 ($10,000)
New Appropriation Required: Yes
STAFF RECOMMENDATION:
Recommendation
Staff Recommends approving the 555 Briggs Lease Agreement for the term May 1st- December 31st 2021, at a Rental rate of $3,750/month ($30,000 Total) and the additional appropriation of $10,000 for site improvements.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The vacant lot located at 555 Briggs street (next to the post office) has provided little to no economic return to its owners nor any value to Downtown Erie for many years. The property owner and the Town have been approached on many occasions by individuals and organizations interested in activating the lot with numerous temporary uses including but not limited to: Farmer's Market Expansion, Mini Concerts, Food Trucks, community event expansion (i.e. Town Fair, Biscuit Day) etc. The property owners, Tom and Judy Gold, are interested in providing the space as an amenity to be used for these commercial and civic uses. However, they don't have the time or capacity to do so themselves.
The Economic Development Department recommends the Town enter into this lease agreement so the property is more effectively used and activate this space by providing a destination for anticipated community engagement activities and events that will take place during the proposed lease term (May 1- December 31st).
Below is a summary of the costs and the anticipated revenues (conservatively projected) in an effort to financially break even and provide a brand new amenity and resource to the Do...
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