Maybe the City reads this site. We suggested buying out the lease back on March 14th. And we had the number almost spot on!
The City of Annapolis and Market House Ventures, LLC agreed today to return control of the property known as the Market House to the City of Annapolis.
The parties have been working for several months to resolve the litigation that began December 2007, and they have reached an amicable resolution.
Market House Ventures, LLC was in the third year of its 20 year Master Lease of the Property.
“I knew good-faith efforts would end in a suitable outcome for both the citizens of Annapolis and Market House Ventures,” said Mayor Ellen Moyer.
“We are pleased we were able to reach an amicable resolution of our litigation with the City,” said Richard Cohen of Market House Ventures.
The vehicle for implementing the settlement is a mutually agreed upon eminent domain proceeding. Market House Ventures consents to the condemnation of its Master Lease for a stipulated amount, payable in three equal installments, totaling $2,500,000.00. The first payment will be made immediately, the second by July 25, 2009, and the final installment by October 25, 2009.
Litigation involving former subtenants will continue against the City of Annapolis and Market House Ventures. With their settlement, the City and Market House Ventures now can focus their efforts on vigorously defending the remaining claims of the subtenants.