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South Bend Redevelopment Commission <br />Regular Meeting —May 10, 2011 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(7) continued... <br />Mr. Inks noted that the Commission has <br />vacancies in its retail space. Staff is trying to <br />be creative in structuring some things to <br />minimize our out -of- pocket costs over the <br />next year. <br />Ms. Nicholl -Smith noted that staff in the <br />Community and Economic Development <br />Department has reviewed the lease situation <br />for 117 S. Michigan Street and is <br />recommending the following: <br />- 117 S. Michigan is a 1,106 SFT storefront <br />that has not been rented since the <br />Dhanwantari Yoga place moved out. The <br />asking price for storefronts in the Michigan <br />Street Shops building is $11.00 per square <br />foot, plus CAM of $4.92/SF for a total PSF <br />price of $16 plus utilities, however the most <br />recent lease for 131 S. Michigan was signed <br />at a reduced rate of $4.49 SF for rent plus <br />$4.92 in CAM for a total of $9.41 /SF. <br />- The building currently has 3 unrented <br />spaces 123, 121, and 117 S. Michigan. <br />Regardless of whether or not 117 S. <br />Michigan is occupied, the city has a fixed <br />cost equal to the CAM $4.92 PSF x 1,106 = <br />$5,441.52 per year or $453.46 per month). <br />The proposal below promises to, at the very <br />least, cover the fixed expenses of the <br />building and works towards doing more than <br />this by the end of the lease term. <br />Imagine That is a Holiday Pop -Up Shop that <br />was fairly well received over the holidays <br />14 <br />