Edison Club leasing discussion continues this week
By Craig Marx, Editor
The Antigo City Council decided this past Wednesday to delay discussion on the lease-purchase of the 623 Edison Street building, formerly the Edison Club, until later this week.
According the minutes of a previous Finance, Personnel & Legislative Committee meeting, the conditions contingent upon the purchase of the former nightclub are outlined as such:
“Whereas, the City was approached by Servet Maksutoski expressing an interest to enter into a Lease-Purchase Agreement for the operation and eventual ownership of the Edison Club locatedat 623 Edison Street; and, whereas the Finance, Personnel & Legislative Committee approved the development of a Lease-Purchase Agreement with Servet Maksutoski subject to an initial deposit of 3-month’s lease-purchase payment based on an accelerated combined payment for principle, interest and payment in lieu of taxes; and,whereas, the terms of the Lease-Purchase Agreement are based on a $150,000 purchase price with a 20-year amortization, 5-year balloon payment and 5.5 % interest rate plus a payment in lieu of taxes with a required minimum monthly payment of $2,000 with any excess funds being placed towards the principle balance; and, whereas access to the former Edison Club will not be made available to the tenant until such time as a $6,000 initial payment consisting of 2-month’s rent and a $2,000 security deposit is made to the City with the next monthly payment of $2,000 due by March 1, 2018; and whereas prior to gaining access to the facility the tenant shall provide proof of all required insurance and licensing.
“Now, be it resolved by the Common Council, City of Antigo, to approve the Lease-Purchase Agreement of the Edison Club at 623 Edison Street to Servet Maksutoski effectiveJanuary 1, 2018 at lease-purchase payment of $2,000 per month as outlined in the Lease-Purchase Agreement.
“Be it further resolved, the Mayor and City Attorney are authorized to negotiate any further terms necessary to enter into this agreement with Servet Maksutoski.”
The former nightclub venue has been unoccupied now for over two years and has been in the hands of the City of Antigo since. A closed session meeting of the council is scheduled for December 20 to review the abovementioned purchasing plan.
Along the lines of other downtown restaurant news, the Corner Café was approved for a Class B liquor license, allowing the establishment to serve most alcoholic beverages available. A new area winery was also mentioned in a motion to the council but with state licensing issues pending, a follow-up on this new business will not be available until after the new year.