DEPARTMENT: Center City Development and Operations
DEPARTMENT HEAD: John Jacks
COUNCIL DISTRICTS IMPACTED: 1
SUBJECT:
Market Square Leases
SUMMARY:
This Ordinance authorizes the extension of Farmers Market and El Mercado lease agreements from July 1, 2019 to June 30, 2023 with 2% lease rate increases in year 3. After the initial term, lessees will have the right of first refusal to enter into a 4-year lease contingent upon City Council approval. This Ordinance also authorizes sales reporting; prohibits future lease assignments; and adjusts current hours of operation. Revenues derived from these leases will be deposited into the Market Square Fund in accordance with the FY 2019 Adopted Budget.
BACKGROUND INFORMATION:
The City of San Antonio owns and manages Market Square, a historic and culturally significant place in San Antonio. Market Square is a unique marketplace full of lively entertainment, food, art and local vendors. There are 56 businesses in the Farmers Market, 33 in El Mercado and 14 in Market Square Plaza, ranging from cafes to shops specializing in local, regional and international products.
On June 23, 2011, City Council passed Ordinance No. 2011-06-23-0571, which authorized extensions to all Farmers Market and El Mercado leases until June 30, 2014. The ordinance also provided the City the option to renew all the Farmers Market and El Mercado leases for an additional three-year period until June 30, 2017 and a subsequent two-year period until June 30, 2019. The City has exercised its options to extend the Farmers Market and El Mercado agreements until June 30, 2019.
Market Square is the crossroads for many recent developments happening within downtown including bond infrastructure projects, San Pedro Creek Culture Park, Alameda Theater restoration, University of Texas at San Antonio expansion and Frost Tower. Market Square has the opportunity to be an incredible hub of cultural activity on the westside of downtown while maint...
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