Laserfiche WebLink
South Bend Redevelopment Commission <br />Special Meeting — January 18, 2012 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(5) continued... <br />numbers are conservative numbers, based on <br />ACS taking 16,000 sft of the building. There <br />is potential that additional rents could be had <br />should there be need for additional space. <br />Mayor Buttigieg restated the costs as he <br />understands them. At the highest level the <br />city is acquiring land that is appraised to be <br />worth $1.9 million that in the long run the <br />city will have paid $1.6 million for. And that <br />the number is higher upfront for reasons <br />having to do with timing and with the city's <br />offer to finance some improvements that <br />have to happen sooner or later. Mr. Inks said <br />that the summary is correct. <br />Mr. Downes asked how any need for <br />additional improvements would be handled. <br />Mr. Inks responded that the City has other <br />rental property, primarily retail space in the <br />downtown, and if a tenant desires <br />improvement to the space, typically there is <br />negotiation between the tenant and the <br />landlord and effectively it gets picked up in <br />the rent for the property. <br />Mr. Rich Earnest noted that they came to the <br />city asking for $1 million in improvements. <br />The amount that it's going to take to improve <br />that site is closer to $1.4 million. ACS will <br />bring $400,000 of its own capital to the <br />project. If for some reason VA asks for <br />more, ACS sees that as VA responsibility. <br />Mr. Varner asked if ACS is expected to <br />require more than 16,000 sq. ft. Mr. Inks <br />14 <br />