Wanna bet what this reopens?

Marina's 30 year lease of city property running out

Published Date Monday, 13 October 2014 11:16

LACONIA — The City Council will weigh the future of a strip of land along Union Avenue owned by the city and leased to the Lakeport Landing Marina when it meets on Tuesday night.

The property, 0.81 acre, lies between Union Avenue and the parallel railroad tracks and runs from Elm Street northward to halfway between Harrison Street and Walnut Street. In 1987 Lakeport Landing constructed a 35,284-square-foot building on the lot. The property has an assessed value of $331,400, of which the building represents $263,200.

The property was leased to Lakeport Landing in 1985 for 10 years with two ten 10-year renewal periods, which have been exercised. The lease expires on November 1, 2015 and cannot be renewed or extended. At the termination of the lease all buildings and improvements on the lot become the property of the city. In a memorandum to the council, Purchasing Officer Jonathan Gardner explained that the owner of Lakeport Landing had asked about the city's intentions in anticipation of the expiration of the lease.

Gardner explained that the council may choose to sell, lease or hold the property. To sell the property the city manager would be required to certify that it has no immediate or foreseeable use and declare it surplus. Then a public hearing would be held, after which the council may reconsider or reaffirm its decision to proceed with a sale.

Gardner recommended that the council chooses to lease the property that a public advertisement, including the terms of the lease, be placed and the city seek the highest rent for the property.

WHL wrote:I can't imagine anybody building a building of that magnitude on lease land, especially with a lease that cannot be extended.