Cobblestone would not owe any rent in the first year. In years 2 through 10, it would pay $25,000 per year. In years 11 through 20 it would pay $30,000 per year. In years 21 through 30 it would pay $35,000. And if the lease is extended to 40 years then Cobblestone would pay $40,000 per year.
Public records associated with Thursday’s City Council agenda said, “The three-story facility would include an 80-90 room hotel, a workout room and a couple of meeting rooms which would accommodate 50-60 people.”
Those same records also said, “Groundbreaking will be planned for late June with completion in Spring 2015. The agreement also allows first right of refusal for the surrounding area for commercial development.”
The city has set aside four lots near the Silent Wings Museum to rent out for commercial development.