Evanston aldermen tonight are scheduled to approve a five year lease renewal with City Newsstand for the city-owned property at 860 Chicago Ave.
City Manager Wally Bobkiewicz, in a memo to aldermen, says the city is offering below-market rent to the newsstand “given the unique nature of its business and the current print industry business climate.”
The city will be getting just $4.51 per square foot per year for the 1,694 square foot property adjacent to the Main Street CTA station.
There’s been a newsstand at the site for many decades and the current business has been at the location since 2000.
The new lease includes an 8 percent rent increase and ties the rent in future years to the increase in the consumer price index.
The memo says the business is one of the few remaining independent purveyors of local and international newspapers, magazines and books and as such has become a regional destination.