Impressions building up for makeover
Published 12:40 am Tuesday, June 28, 2011
Finally. Improvements to the city-owned building leased by Impressions Marketing Group are past the talking stage.
During its June 13 meeting, the Washington City Council unanimously approved entering into an installment-purchase agreement (not to exceed $800,000) with RBC Bank to fund those improvements. The improvements are the result of a protracted lease negotiation between the city and Impressions, located in the former Hamilton Beach/Proctor-Silex site on Springs Road.
In February, the council approved a lease with Impressions for the city-owned property. Impressions has been leasing that property from the city since 2006.
The lease is for five years, with an option for Impressions to renew for two additional years. There’s also a provision for Impressions to extend that extension for two years.
Impressions will pay a base rent at the rate of $392,736 annually. It also will pay additional rent at the rate of $176,731 annually under terms pertaining to the improvements to the leased premises. The total annual rent comes to $569,467.
The agreement requires the city to obtain financing in the amount of $769,566 for building-improvement projects. If the city is unable to secure that financing, its obligations for improvements to the property are as follows:
- Up to $457,430 for roof replacement/repair;
- Up to $26,061 for an interior fire-protection system;
- Up to $82,800 for an exterior fire-protection system;
- Up to $100,000 for other repairs.
In August 2008, the Washington Daily News reported that a memorandum from the city manager to the council and then-Mayor Judy Meier Jennette stated that negotiations had “essentially been completed” with the Beaufort County Committee of 100, Impressions and Hamilton Beach regarding the sale of the building to the Committee of 100, leasing the building to Impressions Marketing Group and continuing environmental-contamination responsibilities on the part of Hamilton Beach.
That proposal has not been realized.