Cape Coral City Council kicked proposed terms for a concessionaire agreement at Jaycee Park back to the negotiation table Wednesday.
Council directed staff to continue to meet with the Kearns Restaurant Group — the only potential partner to submit a request for proposal for operation of planned food and beverage operations- and to bring the city attorney into the terms talks.
The rejected term sheet called for a 20-year agreement with an option to renew for another 10. The agreement also included three types of concession fees to be paid to the city -$1,064,876 plus interest to be paid monthly over 20 years; minimum guarantees of $75,000 per year, or $6,250 per month and an escalating percentage of total gross receipts – 4% in years 1-10, 5% in years 11-20 and 5.5% during any renewal period…