Wolff’s Flea Market Approved for Another Year at Old Menard’s Building

The village council Monday voted to renew its license agreement with D&D Wolff Ltd., owners of the Wolff Flea Market, at the old Menard’s building located 1775 N. Rand Rd.

The current agreement for the flea market to house multiple vendors selling their products and wares is set to expire March 31. 

Wolff Flea Market has been at the location since Nov. 1, 2009.

D&D Wolff Ltd. is pays $10,000 a month in rent to the village, in addition to being responsible for utilities and general maintenance costs of the property.

Half of that money is set aside in an escrow account each month to allow for property tax payments that will come due in the spring. Any excess monies collected would be retained by the village when property tax assessments are determined by the county.

District 1 council member Aaron Del Mar expressed concerns that the amount of rent wasn’t enough based on the 53,000 square footage of the building.  

Del Mar asked Village Manager Reid Ottesen what was being paid by the business based on the building’s square footage, and what is normally paid by other business owners throughout the village.

“They (D&D Wolff, Ltd.) are paying about $2 per square foot, and the average for other tenants would be between $8 and $12 a square foot,” answered Ottesen.

Ottesen went on to point out that the flea market is by no means a permanent solution for the property, and that the flea market owners sought the village out to utilize the property.

He added that the village is saving between $30,000 and $50,000 each year compared to if there were no tenant on the property. 

“The four month lease termination clause has caused some vendors not to come in due to uncertainty,” said David Wolff, co-owner of D&D Wolff Ltd. “We bring a lot of business to area businesses like Torre and Lukes and Culvers. We can’t afford more than $120,000 a year, and we would not continue (at the location) due to the uncertainty of how taxes will be assessed by the county.”

The village can also give the flea market a 120 day notice to terminate the lease if a new development is identified for the property.

“The property is currently being marketed for a large development; meanwhile there are no maintenance costs and revenue is coming in during a difficult financial time,” Ottesen said.

The village council voted 6-1 to extend the agreement with D&D Wolff Ltd. beginning April 1 through March 31, 2012. Del Mar was the lone "no" vote.