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South Bend Redevelopment Commission <br /> Regular Meeting—May 10, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (7) continued... <br /> Mr. Inks noted that the Commission has <br /> vacancies in its retail space. Staff is trying to <br /> be creative in structuring some things to <br /> minimize our out-of-pocket costs over the <br /> next year. <br /> Ms. Nicholl-Smith noted that staff in the <br /> Community and Economic Development <br /> Department has reviewed the lease situation <br /> for 117 S. Michigan Street and is <br /> recommending the following: <br /> - 117 S. Michigan is a 1,106 SFT storefront <br /> that has not been rented since the <br /> Dhanwantari Yoga place moved out. The <br /> asking price for storefronts in the Michigan <br /> Street Shops building is $11.00 per square <br /> foot, plus CAM of$4.92/SF for a total PSF <br /> price of$16 plus utilities, however the most <br /> recent lease for 131 S. Michigan was signed <br /> at a reduced rate of$4.49 SF for rent plus <br /> $4.92 in CAM for a total of$9.41/SF. <br /> - The building currently has 3 unrented <br /> spaces 123, 121, and 117 S. Michigan. <br /> Regardless of whether or not 117 S. <br /> Michigan is occupied, the city has a fixed <br /> cost equal to the CAM $4.92 PSF x 1,106 = <br /> $5,441.52 per year or $453.46 per month). <br /> The proposal below promises to, at the very <br /> least, cover the fixed expenses of the <br /> building and works towards doing more than <br /> this by the end of the lease term. <br /> Imagine That is a Holiday Pop-Up Shop that <br /> 14 <br />