DEPARTMENT: Center City Development & Operations
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: 1
POSTING LANGUAGE:
An Ordinance approving a lease renewal and expansion of leased area with Biga International, L.P. for 15,830 square feet of restaurant space for a 10 year period within the City-owned International Center Building located at 203 South Saint Mary's Street in District 1. Revenue generated from this lease is deposited in the General Fund. [Lori Houston, Assistant City Manager; John Jacks, Director, Center City Development and Operations]
SUBJECT:
Biga Restaurant Lease Renewal and Expansion
SUMMARY:
An ordinance authorizing a lease renewal and expansion of leased area with Biga International, L.P. for 15,830 square feet of restaurant space for a 10 year period commencing April 1, 2020 through March 31, 2030, within the City-owned International Center Building located at 203 South Saint Mary's Street in District 1. Revenue generated from this lease is deposited in the General Fund.
BACKGROUND INFORMATION:
Since 2000 Biga Restaurant has occupied space on the street level of the International Center Building. Soon to enter its 20th year in business at this location, Biga continues to build on its long standing success and has proposed expanding the lease to take over management of the ballroom facilities located on the third floor of the building.
ISSUE:
Biga on the Banks is seeking an opportunity to renew the existing lease with the City, which expires on March 30, 2020, in order to move forward with a significant interior renovation investment in the Restaurant. The need to exercise their option to renew the lease afforded the City the opportunity to negotiate terms that allow Biga to also assume management of the ballroom facilities in the building. The City will still be able to use the ballroom facility at no charge.
Additionally, with Biga managing the ballroom facilities the City will be able to re-allocate s...
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