HomeMy WebLinkAbout6B (1)(o B ( 1)
To: Redevelopment Commission
From: Debrah Jennings, Property Manager
Subject: Redevelopment Retail 2011 Revised Budget
Date: October 25, 2011
Please find attached the proposed Redevelopment Retail revised budget for calendar year 2011.
This year, Redevelopment Retail shops experienced at its lowest point, a 42% vacancy rate. Thereby resulting
in a 25% loss in anticipated revenues.
With the transition of re- leasing vacant space; unexpected utilities, vacant unit clean out and leasing
commissions our expenses have increased $23,502. as follows:
Replacement of HVAC unit at Vesuvio's 14,000.
Reroute gas line for Bruno's Pizza 4,000.
Leasing Commission — Vesuvio's 5,040.
Unexpected Utilities (vacant spaces, pop up shops) 462.
Total $23,502.
Going forward, in 2012, staff is very hopeful we will achieve 100% occupancy of the retail spaces, resulting in
increased revenue by 25% or more. We are closely assessing the anticipated expected expenditures and
making every effort, within reason to keep these expenses low.
H: \WPDATA \correct memo.doc
RESOLUTION NO. 2944
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROPRIATING MONIES FOR THE PUROSE OF DFRAYING THE
EXPENSES OF CERTAIN LOCAL PUBLIC IMPROVEMENTS FOR THE
FISCAL YEAR BEGINNING JANUARY 1, 2011, AND ENDING DECEMBER 31,
2011, INCLUDING ALL OUTSTANDING CLAIMS AND OBLIGATIONS,
FIXING A TIME WHEN THE SAME SHALL TAK EFFECT
WHEREAS, the South Bend Redevelopment Commission is the lessee of certain
local public improvements which during calendar year 2011, realize revenues and incur
expenses in connection with the operation and maintenance of the same; and
WHEREAS, the South Bend Redevelopment Commission has determined it is
necessary to appropriate the revenues of certain public improvements in order to defray
the expenses of those local public improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. For the expenses of the South Bend Central Development Area Building
Operations Budget Fund 425 (which currently includes Leighton Plaza Retail Space,
Leighton Plaza Courtyard and Wayne Street Garage Retail Space), for the fiscal year
2011, the sums of money, as set forth in the budget which is made a part hereof, are
hereby appropriated and ordered set apart out of the funds hereinafter named, and for the
purposes hereinafter specified, subject to the laws governing the same. The sums herein
appropriated shall be deemed to include all expenditures authorized to be made in said
year, unless otherwise expressly stipulated or provided by law.
2. For the fiscal year ending December 31, 2011, the above referenced
appropriations are made with in the South Bend Central Development Area Building
Operations Budget Fund.
3. This resolution shall be in full force and effect from and after its adoption.
Adopted at the Regular Meeting of the South Bend Redevelopment Commission
held Tuesday, October 25, 2011 at 4:00 p.m. 1308 County -City Building 227 West
Jefferson Boulevard, South Bend, Indiana 46601
SOUTH BEND REDEVELOPMENT COMMISSION
ATTEST:
Fund 425
Leighton Plaza/Wayne Street
Building Operations Budget
for Calendar Year 2011
Expenses:
Leighton Retail Space (425.1081.460):
23 -99
General Maint - Materials
2,100
2011
Variance to
31 -05
Appraisals
0
Revised
Current
30 -10
Leasing Commissions
2011 Current Budget
Budget
Budget
Beginning Cash @1/1/11
Electric
2,400
8,800
6,400
Cash in City Accounts
132,623
132,623
218
218
Cash with Fiscal Agent
16,621
16,621
1,350
450
Total Cash @ 1/1/11
149,244
149,244
4,446
0
Leighton Retail Revenue (425.1081):
Water /Sewer
525
2,225
362 -00 -00
Gross Potential Rent
86,160
66,435
(19,725)
360 -00 -00
CAM Income
28,585
15,960
(12,625)
0
Miscellaneous Income
12,000
10,482
(1,518)
361 -00 -00
Interest Income
0
2
2
351 -00 -00
Late Fees
0
52
52
1,200
Total Revenue with Fiscal Agent
126,745
92,931
(33,814)
(200)
Wayne Street Retail Revenue (425.1083):
362 -00 -00
Gross Potential Rent
17,000
14,760
(2,240)
360 -00 -00
CAM Income
0
0
0
Miscellaneous Income
0
0
0
361 -00 -00
Interest Income
0
0
0
Total Revenue Wayne Street Retail
17,000
14,760
(2,240)
TOTAL REVENUE
143,745
107,691
(36,054)
Expenses:
Leighton Retail Space (425.1081.460):
23 -99
General Maint - Materials
2,100
9,100
7,000
31 -05
Appraisals
0
0
0
30 -10
Leasing Commissions
7652
6,075
(1,577)
35 -01
Electric
2,400
8,800
6,400
35 -01
Electric- Vacant Suite
0
218
218
35 -02
Gas
900
1,350
450
35 -03
Trash Removal
4,446
4,446
0
35 -04
Water /Sewer
525
2,225
1,700
36 -12
Common Area Maint.- Grounds
21,177
19,715
(1,462)
36 -13
Supervisor -Labor
8,640
8,640
0
36 -14
Repair Contract
6,000
873
(5,127)
36 -15
Repair /Labor
22,200
28,700
6,500
39 -02
Admin Exp- Mileage
1,019
2,219
1,200
39 -03
Management Fees
8,200
8,000
(200)
39 -09
Admin Exp
39 -89
Real Estate Taxes
42 -02
Capital Imp-Bldg.
11,484
Sub -Total Leighton Retail Expenses
Leighton Plaza (425.1082.460):
22 -07
Landscaping Materials
23 -40
Grounds Supplies
23 -99
Maintenance Supplies
36 -12
CAM Grounds Labor
36 -12
Landscape Contract
39 -01
Management Fee
39 -09
Administrative Exp.
39 -64
Property Management
55
Sub -Total Leighton Plaza Expenses
Wayne Street Retail (425.1083.460):
39 -01
Management Fee
39 -10
Leasing Commissions
39 -10
Property Management
39 -89
Real Estate Taxes
42 -02
Capital Imp-Bldg.
(6,545)
Sub Total Wayne Street Expenses
Reserve Fund
Net Income for Fund 425
Ending Cash @ End of Period
3,600
5,267
1,667
16,510
16,994
484
11,484
4,300
7184
116,853
126,922
10,069
0
0
0
900
200
(700)
200
0
(200)
24,000
25,100
1,100
6,800
55
(6,745)
900
900
0
0
0
0
0
0
0
32,800
26,255
(6,545)
2,550
2,400
(150)
0
5,040
5,040
0
2,000
2,000
4,000
3,088
(912)
0
14,000
14,000
6,550
26,528
19,978
0
0
0
(12,458) (72,014) 23,502
136,786 77,230