The Village of Mineola will be negotiating a new air-rights lease over the parking garage at 120 Mineola Blvd. with Winthrop University-Hospital.
The existing lease is expiring after 32 years of being in place and states that in the 31st. year the rent on the garage will be subject to renegotiation at fair value.
The 30-year term is expiring on Oct. 3 and according to village attorney John Spellman, the village is entering into negotiations for a 30-year extension.
During their regular meeting on September 4 at the village hall, the village board approved a proposal from Standard Valuation Services for a full appraisal for fair market rental value of the garage’s air rights “so that when we go to the bargaining table we will be appropriately prepared on our end to set up a favorable financial situation for the next 30 years,” Spellman said.
The cost of the appraisal will be $4,800. The village had been receiving $3,875 per month in rent from the garage lease.