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(o B ( 1) <br />To: Redevelopment Commission <br />From: Debrah Jennings, Property Manager <br />Subject: Redevelopment Retail 2011 Revised Budget <br />Date: October 25, 2011 <br />Please find attached the proposed Redevelopment Retail revised budget for calendar year 2011. <br />This year, Redevelopment Retail shops experienced at its lowest point, a 42% vacancy rate. Thereby resulting <br />in a 25% loss in anticipated revenues. <br />With the transition of re- leasing vacant space; unexpected utilities, vacant unit clean out and leasing <br />commissions our expenses have increased $23,502. as follows: <br />Replacement of HVAC unit at Vesuvio's 14,000. <br />Reroute gas line for Bruno's Pizza 4,000. <br />Leasing Commission — Vesuvio's 5,040. <br />Unexpected Utilities (vacant spaces, pop up shops) 462. <br />Total $23,502. <br />Going forward, in 2012, staff is very hopeful we will achieve 100% occupancy of the retail spaces, resulting in <br />increased revenue by 25% or more. We are closely assessing the anticipated expected expenditures and <br />making every effort, within reason to keep these expenses low. <br />H: \WPDATA \correct memo.doc <br />