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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 />lease that when LePeep achieves a dollar <br />volume of gross revenue over a certain <br />amount, there's a plus factor that comes to <br />the Commission in the form of additional <br />rent. So, as they do better, we do better. My <br />recollection, during the time that I've been <br />on the Commission, is that each time a lease <br />comes up, we have reexamined the terms and <br />discussed with each owner what's going to <br />work well for the renewal period. Did that <br />answer your question? <br />MR. MANIGAULT: Well, it just gives more <br />information. Two more questions. Do the <br />tenants pay property taxes? Private tenants <br />in a public building? <br />MR. INKS: Yes. <br />MR. MANIGAULT: My last question is, <br />when will the city move this facility off the <br />public roll and allow a private developer to <br />own the facility, because the city shouldn't <br />be in the business of managing property? <br />MR. INKS: We have already, I think, started <br />the process of looking at how we could <br />consider divesting ourselves of that retail <br />space. We also have some retail space in the <br />Wayne Street garage. It's a little bit <br />complicated because a public entity owns the <br />whole parking garage, the plaza, and the <br />Michigan St. Shops. Obviously, it's a public <br />garage and we' d like to see it stay public. <br />The plaza is a public area; that would stay <br />public. So we need to find some way to split <br />28 <br />
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