City Market tenants are getting some help covering their expenses during the pandemic.
Saint John council has agreed to offer an interest-free rent deferral program to those tenants who need it.
Vendors can apply to have rent deferred for three months and pay it over the last six months of the year.
“This would allow for short term impacts to be mitigated and give vendors time to catch up on rent payments missed during the impacted time frame,” said a staff report to council.
Only eight of 33 tenants remain open or partially open and one-quarter of them will struggle to meet their April rent, according to the report.
“April’s rent receipts are expected to decrease by 88% (from $34,000 to $4,000) and will likely decrease
again in May and June should the crisis continue.”
Each vendor will be asked to give their reasons for the application and calculate the total amount of the rent deferral and their future rent obligations.
If the crisis continues longer than three months, staff said they would return to council with an updated report for consideration.
Council is also making the program available to other tenants of the city.
