City finalizes long-term lease with Tell City Boat Works

Startup firm to pay $120,000 for initial 10 years

TELL CITY - A formal lease agreement was signed last week between Tell City officials and Don Foertsch, president of Tell City Boat Works, over his startup company's use of city-owned property for manufacturing and repairing rivergoing vessels.

The lease calls for Foertsch to pay the city $120,000 up front for the first 10 years of the lease. Tell City Boat Works is also given the option of two 10-year extensions for which it will pay $180,000 and $240,000, respectively.

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