Laserfiche WebLink
South Bend Redevelopment Commission <br /> Regular Meeting—May 10, 2011 <br /> was fairly well received over the holidays <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (7) continued... <br /> shopping period. The owner is ready for a <br /> next small step, but not a full blown lease. <br /> As soon as she knows she's here then she <br /> will be able to pull the trigger on some <br /> partnerships that she's been working in the <br /> background. Staff thinks some income from <br /> the property is better than none. <br /> Assumptions: <br /> - The building owner will need to pay the <br /> fixed costs regardless of whether or not the <br /> space is occupied <br /> - The goal of the building owner, is not only <br /> to make money on the building, but also to <br /> help enliven the downtown by bringing the <br /> types of businesses that are in line with the <br /> retail plan for downtown <br /> - The downtown is better off with Imagine <br /> That! in the space than without them in the <br /> space <br /> - Even at paying utilities and 10%, Imagine <br /> That! Will need to reach a certain sales <br /> threshold to make this venture a profitable <br /> one for their business. In this way, the <br /> interests of the property owner and the <br /> business owner are tied together. <br /> The Proposal: <br /> - The terms of this proposed lease are 12 <br /> months. <br /> - The proposed start date is June 1, 2011 <br /> Imagine That! will pay all the utilities on the <br /> space <br /> - Imagine That! will pay 10% of their gross <br /> sales, or a minimum of$453.46 per month to <br /> 15 <br />