Hart Stores based out of Quebec wants to open a location in Elliot Lake, but wants to enter into a percentage lease with the landowner and the city.
City CAO Daniel Gagnon says the city would be considered a sublandlord, while the landlord McGowan & Associates Limited would also be a signatory on the lease.
He says according to the proposed agreement, Hart Stores would pay 10 percent of the new store’s net revenue each year as its lease payment for the space.
Gagnon says the possible tenant wants just over 7,270 square feet of retail space in the Pearson Plaza.
He adds the proposal will be reviewed at tonight’s council meeting, which will be live-streamed at 6:30 pm.
