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04-05-07 Redevelopment Commission Minutes
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04-05-07 Redevelopment Commission Minutes
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4/5/2007
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04-05-07 Redevelopment Commission Agenda
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -April 5, 2007 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />continue ... <br />Mr. Peczkowski asked the amount that the <br />developers are investing in the renovation, <br />based on the Baker & Daniels lease. He <br />wondered if Baker & Daniels' commitment <br />to the lease warranted that much of an <br />investment. Mr. Toothaker responded that <br />they have signed a lease and that should be <br />firm. <br />Mr. Peczkowski commented that it's not <br />outside the realm of possibility for them to <br />TRY to break the lease. Ms. Laurent <br />responded that Baker & Daniels' investment <br />in the project is significant enough that they <br />wouldn't be likely to break the lease. <br />Mr. Peczkowski asked how much of the $7M <br />was Baker & Daniels' investment? Mr. <br />Toothaker didn't know off hand, but thought <br />it was a substantial part. Hinman owns the <br />property. Standard procedures is that the <br />owner gives a new tenant a certain allowance <br />for the renovation of the base building. If the <br />tenant wants more improvements than that, <br />the tenant pays for the additional. <br />Mr. Peczkowski asked again what percentage <br />Baker & Daniels is contributing? Mr. <br />Toothaker offered a guess that they are <br />putting in at least one third. He pointed out <br />that the $7M is total investment in the entire <br />building, not just Baker & Daniels' space. <br />Mr. Peczkowski commented that the <br />$400,000 that's being requested from the <br />City for renovation of the plaza is relatively <br />20 <br />
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