From the most recent Issues Update for Peoria:
The City has received notice from River Station LLC that it is renewing its lease to the River Station building for an additional ten (10) years. The original lease was dated August 28, 1979. On November 17, 2000, it was assigned from Mathers Co., Inc. to River Station LLC, which is Kert Huber’s entity. The right to extend is given to the Lessee, and the City cannot deny the extension. This matter will not come before the Council.
The original lease dated August 28, 1979, provides for a twenty?year term commencing when the restaurant opens. It provides for three (3) ten?year extensions. The first ten?year extension was executed by Mathers on November 16, 2000, providing for a ten?year extension which would terminate February 1, 2011. River Station LLC has provided notice of its intent to extend for an additional ten (10) years, until February 1, 2021, at which time there will be the probability of another, final ten?year extension until February 1, 2031, at which time the lease will end.
Rent under the lease is two percent (2%) gross sales from the operation of businesses on the premise. There is no minimum amount, so that the City is realizing some income from the presence of Martini’s on the premises.
Martini’s is the only tenant in the old Rock Island Depot, now known as the River Station. Not that other restaurants haven’t given it a try. Most recently, a restaurant called “Tilly’s” tried to make a go of it. Here’s to hoping a new restaurant can be successful in that location someday soon.