Westminster Economic Development Authority Meeting Agenda April 2026

Contract Amount

Minimum annual rent of $213,075 for 2026; base rent starting at $204,808 annually with 4% annual increases plus 3% of Gross Sales over $3.5 million

Vendor

GMRI INC DBA OLIVE GARDEN #1417

Agency

City of Westminster, CO

Contract Type

FACILITIES

Document Date

April 13, 2026

Contract Term

Original lease 1992–2005 with four 5-year renewals through October 11, 2025; Amended and Restated Lease term October 12, 2025 – October 11, 2028 with seven consecutive one-year renewal options through October 11, 2035; First Amendment adds tenant early termination right any time on or after December 31, 2026 with 60 days’ notice

Renewal Date

2035-10-11

Renewal Info

Amended and Restated Lease term runs October 12, 2025–October 11, 2028 with seven one-year renewal options potentially extending to October 11, 2035; tenant must provide notice of intent to exercise each Renewal Option at least 12 months before the then-current term ends and landlord has 60 days to accept or reject, after which acceptance is deemed. First Amendment adds that tenant may terminate the lease any time on or after December 31, 2026 by giving 60 days’ written notice, with surviving obligations only as expressly stated in the lease.