In response to your conversation with Tim Towey in regard to the costs and expenses relating to the Armory property the enclosed may be of some interest.
During the latter part of 2012, the City published a solicitation for bids to rent the Armory building on Thames Street. At that time three proposals were received by the City and we were fortunate to have been the highest bidder for the property. We were able to assume the business operation that has been in place since 1995 and we have enjoyed two extensions of the lease with the City allowing us to continue our business operation. During our tenure as stewards of the Armory we have markedly increased the number of dealers, consignees and employees, providing jobs and income for a great number of families.
We have always met our obligations with the City on a timely basis and during the renewals of our lease, the City has never requested an increase in rent. We also were not contacted to discuss the continuation of our tenancy prior to the Mayor’s solicitation of the Sailing Hall of Fame to take over the Armory. We would welcome the opportunity to discuss a long-term tenancy of the property and are willing to negotiate a rental increase that would assist in offsetting the losses incurred by the City through its operation of the Maritime Center and Ann Street Pier, which for the year 2016 were in excess of $66,000.
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