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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />g. continued.... <br />the northwest corner of Michigan and <br />Jefferson Streets. (2) The net rentable <br />space is 11,526 sf. (3) The anticipated <br />build -out dimensions are eight <br />storefronts ranging from 1,173 sf to <br />1,530 sf. Six storefronts will have <br />dimensions of 30' x 51' and two <br />storefronts will have dimensions of 23' <br />x 51'. (4) The rental /square footage is <br />$10.50 per square foot on a net basis <br />following completion of the <br />improvements to the retail space by the <br />Redevelopment Commission. The <br />tenant pays for utilities, interior <br />maintenance and taxes. (5) There is a <br />three -to- five -year minimum lease term <br />with an option to negotiate a new <br />Lease. (6) The Redevelopment <br />Commission will consider acceptance <br />of a proposal and execution of a Lease <br />upon completion of improvements to <br />the retail space. The improvements are <br />expected to be completed by March <br />1999. <br />Each storefront will be built out to <br />include exposed concrete floors, <br />drywall dividing walls prepped and <br />ready for paint, dropped ceilings and <br />one ADA restroom. The space will be <br />served by a full HVAC, electrical and <br />fire sprinkler systems. <br />The tenant will be responsible for its <br />own interior finishes, with an allowance <br />provided for floor and wall covering. <br />-23- <br />