MOLINE, Ill. (KWQC) – The City of Moline is considering a 20-year lease by the owners of the Captain’s Table for a new building and the Marquis Marina.
Captain’s Table burned down on Jan. 15. City officials say they were in a tough spot when considering what to do about the space.
“This is one of those situations - the chicken and the egg - which one do you do first,” said Moline City Administrator Doug Maxeiner. So we’re trying to make sure we have a long-term lease and tenant in that building before we go ahead and spend that money to construct that restaurant.”
The city drafted a lease which would charge the renter $34 thousand a year plus and an additional percentage of sales more than $1.5 million. There is also an additional yearly rent of $56,288. The additional rent is to cover the estimated cost of construction not covered by insurance. The city will finance the cost up front, but the property renter will reimburse them.
This brings yearly rent up to $90,288. Their previous rent was between $50 and 55 thousand each year.
“Their lease cost is going to go up so hopefully their business is going to go up and they can make a good go of it,” Maxeiner said.
An architect estimated the new building cost at $1.6 million. Insurance is expected to cover just under $1 million of the new construction, the renter in this agreement covers the rest.
The new construction is expected to have glass open views of the river and a banquet hall. The city hopes to have it constructed by July 2019.
The lease also includes the operation of the Mariana. Mariana rent is 10 percent of dockage fee.
You can find the full lease agreement here.