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South Bend Redevelopment Commission <br />Regular Meeting — October 25, 2011 <br />2011 proposed budget provided. This year <br />the Redevelopment retail shops experienced <br />at its lowest point a 42% vacancy rate which <br />resulted in a 25% loss in revenue. With the <br />costs of re- leasing vacant space, unexpected <br />utilities, vacant unit clean -out and leasing <br />commissions, the city's expenses have <br />exceeded $23,502. The expenses are : <br />• Replacement of HVAC unit at <br />Vesuvio's Pizza in the amount of <br />$14,000 <br />• Rerouting of gas line for Bruno's <br />Pizza in the amount of $4,000 <br />• Leasing commissions for Vesuvio's <br />Pizza in the amount of $5,040 <br />• Loss of revenue from the vacancies <br />Ms. Jennings said she is very hopeful that <br />2012 achieve 100% occupancy rate. That <br />would result in a 25% increase in revenue. <br />Staff recommends approval of the 2011 <br />revised budget. <br />Ms. Jones opened the public hearing for PUBLIC HEARING ON RESOLUTION No. 2944 <br />anyone who wished to speak for or against <br />Resolution No. 2944. There was no one who <br />wished to speak. Ms. Jones closed the public <br />hearing for whatever action the Commission <br />wished to take. <br />(2) Commission action on Resolution <br />No. 2944. <br />Mr. Varner asked if the City had vacant retail <br />space available. Ms. Jennings responded <br />there are two vacancies. <br />Ms. Jones asked if it was extraordinary that <br />the city has expenses for a new tenant <br />( Vesuvio's expense used as example). Are <br />31 <br />