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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 />consideration in the same way that LePeep <br />got a consideration here. <br />MR. INKS: No. <br />MR. MANIGAULT: So, in a sense <br />taxpayers are subsidizing LePeep? <br />MR. KING: Actually, Don, I don't think <br />that's exactly right. The leases don't all <br />come up for renewal at the same time. Each <br />time somebody's lease comes up, we do go <br />through a discussion. There have been some <br />other instances of lease renewals where we <br />renewed the lease on more favorable terms <br />than what the tenant had before. Again, <br />recognizing the market rate for the type of <br />space that's being leased in the area that we <br />are. You get advice on that from realtors <br />who represent us. Each time a new lease <br />comes up with one of our existing tenants, <br />we do reconsider all of the terms. We've had <br />other tenants ask us for consideration of a <br />different kind. As Don said, each deal is a <br />little bit different. One of the things we try to <br />do is see to it that we have an arrangement <br />that fits the market, that works for the <br />business that's in there, and also that works <br />for the Redevelopment Commission. One of <br />the things that should be noted about this <br />LePeep lease is that on the one hand we did <br />waive the CAM fees, but on the other hand, <br />we got into it the provision that wasn't in <br />there before which provides an upside <br />potential. In the past, we've just had a flat <br />rate of rent. Now we have a provision in the <br />27 <br />