RM 09-25-87 - Laserfiche WebLink

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South Bend Pedevelopment Commission Regular Me ting - September 25, 1987 6. NEW BUSINESS (Cont.) e. CoMinuect... Mr. Hunt noted that the total expenditures made by Osco's for improvements to our building, should this amendment be approved, would average $26.00 per square foot. The rent pay.ment, $1.62 per square foot per year, is substantially below market rate, but they are responsible for taxes of $1.63 per square foot per year. They are liable for $18,870 per year in taxes. Mr. Hunt indicated that the staff recommends allowing them to make the additional $53,000 expenditure, adding that to the total depreciated expDnditures, and allowing them to exercise their first option to extend the lease. He pointed out that Osco has been the retail anchor in the downtown for the last several years, generating additional traffic for the other retail users in the do town. He stressed the importance of keeping them in the downtown until we develop new space. Mr. Wolf expressed concern about signage in the store. He suggested approving the Lease pending review by the Design Review Co ttee. His concern was for the terrporary signage, specifically the 4'x8' sheet advertising the 8G sale which has beem posted for more than six months. He ackmowledged that they have been an excellent tenant and a good citizen in the downtown, but suggested that we use the leverage we have at this point to reqiest design review of the signage. Mr. Piasecki asked if Osco had been approached about removing the sign. Mr. Wolf' indicated that they had not, but they have had discussion regarding the litter caused by the soft drink machines in 4ront of the building. They have been cooperative about keeping that clean. Mr. Hunt indicated that he would contact Osco about the sign. -14-