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11-02-07 Redevelopment Commission Minutes
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11-02-07 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -November 2, 2007 <br />6. NEW BUSINESS <br />A. Public Hearing <br />(5) continued... <br />CAM. I just want to confirm that. <br />MR. INKS: The action taken at the last <br />meeting was to waive $21,000 on their <br />account. <br />MR. MANIGAULT: Why was that? What <br />was that decision made to waive a private <br />company's CAM, because did any other <br />tenant in the downtown area get a <br />forgiveness from the CAM? <br />MR. INKS: We look at all of these on an <br />individual basis. In this particular case, the <br />business decision was that, given the value of <br />LePeep in the downtown, they were one of <br />the original stores in the Michigan Street <br />Shops and they have really helped us to fill <br />the downtown. We looked at the lease that <br />we had and the typical market terms in the <br />lease for a restaurant and found that we were, <br />in fact, at the very high, if not above the high <br />end of that. It would be appropriate to adjust <br />those rates down. We also looked at what it <br />would cost us from a business standpoint to <br />backfill that space, should LePeep not be <br />there any longer. And with the vacancy, the <br />improvement costs of any tenant moving in, <br />the recommendation of staff, from a business <br />standpoint, was that it made sense to consider <br />the five-year renewal for LePeep, adjusting <br />the rental rates, and looking at waiving the <br />$21,000. <br />MR. MANIGAULT: Doesn't that give <br />LePeep an unfair business advantage <br />25 <br />
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