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LGC board lowers the garage retail space's advertised rate from $20 to $14 with no tenant allowance, 5-0
After discussion of whether the retail space's asking price was too high, Councilmember Cole Stanley moved to lower the rate from $20 to $14 with no tenant improvement allowance (amending a motion for $16), and the board approved it 5-0. Stanley then proposed selling the retail space; the City Attorney said the agenda did not cover a sale. Board president Michael Haning asked that a possible sale, break-even figures and options for converting the TIRZ #1 loan to a grant be put on a future agenda.[1]
Cole StanleyHoward SmithAmarillo Local Government Corporation (LGC)
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Howard Smith moved to lower the rate from $20 to $16, seconded by Megan Zanchettin; Cole Stanley made an amended motion to lower it from $20 to $14 with no tenant improvement allowance, seconded by Jennifer Gallardo, and "the vote carried 5:0." The minutes do not state the unit; in February 2023 lease rates were discussed per square foot. A realtor advised that national retailers were not looking downtown. [1][2]
