City eyeing downtown patio leases

The city is set to lease land for 15 years to Collier Centre for restaurant patios in downtown Barrie.

Councillors have given initial approval to the lease agreement for the construction, use and maintenance of a city right-of-way on the east side of Mulcaster Street, between Collier and Worsley streets.

The deal is with Mady Development, which is building the six-storey commercial tower, along with a mid-rise residential condominium, at the northeast corner of Collier and Mulcaster streets.

Peter Silveira was the only councillor who asked questions about the lease deal.

I like the idea of public and private sector partnership; I believe these kinds of methods help to maximize revenue return with minimum public investment, he said. My main concern was just for the length of agreement, if our taxpayers really had a good deal.

The lease rate would be 50 cents per square foot, per month, subject to yearly increases according to the consumer price index. At 1,274 sq. ft., this translates to $7,644 a year in city revenues, and $114,660 during the entire lease agreement period.

How did you come to that number? Silveira asked city staff of the 50 cents per square foot.

Steve Naylor, the city's planning director, said staff looked at a range of 40 to 60 cents per square foot, and basically split the difference.

It was felt the 50 cents was a good halfway point, he said.

Mady wants the space for its restaurant tenants, and will build permanent patios to be used year-round. The three patios will be built by using retaining walls to raise the grade for level patios, with interlocking paving stone and decorative railing. They wouldn't interfere with sidewalks.

View original post here:
City eyeing downtown patio leases