The City is taking steps to purchase WaterFire’s building at 475 Valley Street to help the non-profit stay afloat following years of financial difficulties.
Mayor Brett Smiley has proposed purchasing 475 Valley for $3.5 million and then leasing it back to WaterFire for a dollar a year for the next 20 years. The City Council Finance Committee approved a resolution that would authorize the mayor to execute this lease — next, the resolution will go before the full City Council.
“The city’s not taking ownership over the operation of the building at all. WaterFire will maintain responsibility for 100% of the maintenance and operations of the building, all repairs,” the City’s Chief Operating Officer Courtney Hawkins said. “In terms of why we’re doing this — we talked about it a little bit as it relates to the bonds that came before you — the Mayor and his team believe that WaterFire is a really important asset to the city.”…