Cato Fashions will remain a tenant at Grundy Town Center after the Town of Grundy Industrial Development Authority approved a two-year lease extension during its July 28 meeting.
IDA Property Manager Dennis Ramey told board members the retailer had requested to renew its lease under the same terms as its current agreement.
Board members unanimously approved the extension after Ramey presented the request.
Town IDA board member Sam Bartley said he visited the establishment earlier in the month to purchase gift cards and was told by employees that business was booming.
Ramey said he believes Cato’s is happy to be located in the Grundy Town Center.
In addition to the lease renewal, Ramey provided updates on several other IDA-owned properties.
At the Grundy Plaza, Ramey said a new heat pump and HVAC system has been installed in Pekings and is operating properly. He also reported interest from prospective tenants, saying he has shown available space to several individuals.
“I’ve shown a couple places to different tenants,” Ramey said. “I’ve got two that are interested — one in the plaza and one in the town center.”
Ramey said details regarding the prospective tenants would need to be discussed in closed session.
He also updated the board on the former Huddle House building, saying he has another potential tenant interested in the property. Ramey said he plans to meet with the prospective tenant next week to discuss the available space and determine whether the individual remains interested.
Ramey provided the IDA with an update on the ongoing Richardson Building renovation.
“It’s getting to be a headache because you’re so close, but yet you’re so far,” Ramey said of preparing the building for a new tenant. “There can be things done down there that need to be done.”
Ramey said pressure testing and other work will be needed before the building is ready for occupancy but noted those tasks could be completed relatively quickly.
Board members also discussed ongoing elevator and escalator issues inside the Walmart at the Grundy Town Center. Ramey acknowledged the ongoing problems and said repairs are ongoing.
He also informed board members about plans to install an additional elevator at the front of the building, noting that it is still in the engineering phase. He did not provide a timeline for when the project might begin.
Ramey concluded his report by saying he would continue working with prospective tenants and keep the board informed as lease negotiations and property improvements progress.
CAPTION: Dennis Ramey, property manager for the Town of Grundy Industrial Development Authority, recently provided board members with an update on several IDA-owned properties, including the renewal of Cato’s lease at Grundy Town Center and ongoing efforts to attract new tenants.
