Arlington Heights newsstand gets new lease to stay in business
Arlington Heights officials and the operator of the downtown train station newsstand have signed a new lease to keep the store operating in the face of reduced commuter traffic.
Village staff and newsstand operator Dilip Patel began negotiating terms of the new five-year lease in November, after the village received a notice of wind down and dissolution for Tobmar International, the parent company of Gateway Newstands.
Patel sought a lease under his new legal entity, Shree Neelkanth Inc., to continue operating the convenience store within the village-owned train station.
Starting Jan. 1, he'll be able to operate rent free for four months to help re-establish the business during a difficult economic period, village officials said. He'll then be charged $300 a month through 2022, and then $450 a month through 2025.
Last year, Tobmar threatened to close the shop amid flat sales since 2016, but the village agreed to reduce the monthly rent from $900 to $600.
Village staff wrote in a memo to the village board that the shop yields modest sales tax revenue, but they also see it as a positive amenity benefiting commuters who board trains there, as well as other residents and patrons of the downtown.
The shop will operate on flexible hours in January and February, but then return to normal weekday hours, which are 5 a.m. to 2:30 p.m.