MARQUETTE — The YMCA of Marquette recently filed for bankruptcy back in May, and now they are asking for their unexpired lease to be restated.
Due to a total of 120 days passing since their declaration of bankruptcy, the YMCA’s unexpired lease needed to be restated, and Monday night, a lease assumption was unanimously agreed upon by the city commission. Neither the city nor the YMCA intended for the lease to be cancelled or rejected during the bankruptcy case.
“Our relationship with the YMCA has been very good,” said Marquette City Manager, Mike Angeli. “We continue to support them and we’ll do everything we can to make sure they’re successful. Part of their bankruptcy process – they need the city commission to reaffirm that lease, more as a formality – it’s just something that needs to be done to make their bankruptcy more successful.”
The facility’s current lease expires on December 31st of 2052.