01-25-2008, 07:33 AM
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#9
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Senior Member
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From the Baysider
Quote:
Shibley's lease will go to Alton voters
Selectmen approve one-year temporary lease
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|  | January 24, 2008
ALTON — Shibley's at the Pier will be able to continue serving customers at its location on Alton Bay for at least another year, after the board of selectmen voted Monday night to renew the restaurant's lease.
While proprietors David and Amy Shibley own the restaurant itself, the land on which the building sits is owned by the town, which voted in 1992 to lease it to them for a period of 15 years.
The original lease officially came to an end on Dec. 31, but the selectmen voted at that point to extend it for another month in order to finalize negotiations with the Shibleys.
Board Chairman Alan Sherwood explained Monday night that during the 15 years since the original lease was signed, state law changed to grant voters the authority to ratify lease agreements for periods longer than one year.
With that in mind, Sherwood said, the selectmen negotiated a new seven-year lease with the Shibleys, but also opted to sign a temporary one-year lease in the event that voters choose not to approve the longer lease at the polls in March.
The new lease agreement, which was developed with the assistance of both a professional appraiser and Selectman Bill Curtin, who has extensive experience in the real estate field, states that the Shibley's will pay the town $7,087 the first year.
According to the terms of the lease, that figure will increase by 5 percent annually for the remaining six years.
Most of the terms of the new agreement were carried over from the old lease, Sherwood said, including a provision stating that in addition to the annual fee, the Shibleys will also be responsible for paying all property taxes assessed to both the land and the building.
One new addition to the lease agreement, however, was a sketch of the building and the land around it, which was never included in the original lease.
"We all think this is a fair resolution to the issue," Sherwood said, adding that the one-year lease agreement will become null and void if voters pass the seven-year lease.
Copies of both the one-year and seven-year lease agreements are available for public viewing at the Town Clerk's office.
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