December 11, 1998
GRAND RAPIDS, Mich. -- The Western Michigan University Board of Trustees has authorized the administration to extend the lease of Little Caesars restaurant in WMU's Bronco Mall for five years.
The lease agreement with Venture Foods Inc. of Kalamazoo, a franchisee of Little Caesars Enterprises Inc., allows for an option to extend the lease an additional five years. The board authorized the lease to be negotiated at its meeting Dec. 11 in Grand Rapids.
"We've had a mutually beneficial relationship with Little Caesars for the past 10 years, and we're interested in continuing it for at least another five years," said Robert M. Beam, vice president for business and finance.
Beam said the proposed lease would be amended to include additional menu items, updated percentage of sales payments and clauses to assure compatibility with agreements entered into since 1988. These include agreements with Coca Cola, the beverage provider.
The new agreement calls for WMU to receive a graduated percentage of the restaurant's revenue from 7.5 percent to 9 percent as well as monthly rent. The percentage increases as revenue increases. The previous agreement used a flat percentage of revenue of 7 percent in addition to rent.
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