Venice to Purchase Sharky's Beachfront

The city of Venice is posied to buy Sharky's on the Pier beachfront land from the airport for $2.2 million, the Sarasota Herald Tribune is reporting.

According to the Herald Tribune:

"The City Council will pay $2.2 million to buy Sharky's beachfront property from Venice Municipal Airport. The deal means Venice will no longer have to share revenue generated by Sharky's with the airport."

Sharky's currently is undergoing an epansion. Once it's completed it will have a new 30-year lease, bringing its rent to $108,000 from $13,454, the Herald Tribune reports.

According to the Herald Tribune:

"Sharky's will pay the city 5 percent of gross receipts above $2.2 million, instead of 5 percent of gross sales above $300,000. Council member Bob Daniels praised city and airport administrators for how they structured the purchase."

The utilities department is financing the purchase, as it owes back revenue to the city's general fund.