Originally Posted Online: April 21, 2013, 5:37 pm
Last Updated: April 21, 2013, 11:51 pm
RI council to consider lease buyouts of 3 Watch Tower businesses
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By Eric Timmons, email@example.com
The Rock Island City Council will be asked tonight to approve agreements totaling $243,000 to close the leases of three businesses at Watch Tower Plaza as part of the project to bring Walmart to the site.
The city has been buying properties at Watch Tower on 11th Street so they can be demolished to make way for a proposed Walmart Supercenter.
At tonight's city council meeting, aldermen will be asked to approve buying out the leases of three tenants at the old shopping center.
City officials have reached a $75,000 agreement with Jean's Platinum Stylez Beauty Supply to terminate the business's lease at 2365 11th St. The owners of Gyibassuk's Stores, an Asian grocery at Watch Tower, have agreed to a $58,000 lease buyout.
The owner of Jaded Gypsy Tattoo has accepted the city's lease buyout proposal of $110,000, which includes assistance to help the business move to 217 8th St., Rock Island.
The city has a line of credit for up to $15 million to buy properties and demolish buildings at Watch Tower. So far, the city has spent about $6.5 million on property purchases and lease buyouts and has agreements with most of the 17 businesses at Watch Tower.
Once the city has control of all the property parcels at the site it needs, demolition work will be done. Walmart has agreed to buy the site from the city for $4.5 million.
Tonight's council meeting begins at 6:45 p.m. at city hall, 1528 3rd Ave. Complete agendas can be found at rigov.org.