It wasn’t a unanimous vote, but Elliot Lake council has given its stamp of approval on signing a percentage lease with Hart Stores and McGowan & Associates to be housed in the Pearson Plaza.
Every member of council including the mayor agreed it was not quite the type of deal they would normally favour, but the consensus is that since the City is paying $10,000 a month as a tenant anyway, they would prefer to have the space utilized.
Under the percentage lease agreement, the Hart Store would pay 10 percent of the net revenue for each year for the 7,200 square foot space for the next six years, with a provision to expand to 10,000 square feet.
Councillor Chris Patrie, the only dissenting councillor, feels it is unlikely the City will see little if any money out of the deal.
However, the majority of council believe bringing in the new store will create new jobs and opportunities for Elliot Lake, as well as provide a general merchandiser to meet the needs of residents.
With council’s approval, Hart Stores can start moving in later this month and hope to host an opening on November 1st.
