Laserfiche WebLink
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 />shopping period. The owner is ready for a <br />next small step, but not a full blown lease. <br />As soon as she knows she's here then she <br />will be able to pull the trigger on some <br />partnerships that she's been working in the <br />background. Staff thinks some income from <br />the property is better than none. <br />Assumptions: <br />- The building owner will need to pay the <br />fixed costs regardless of whether or not the <br />space is occupied <br />- The goal of the building owner, is not only <br />to make money on the building, but also to <br />help enliven the downtown by bringing the <br />types of businesses that are in line with the <br />retail plan for downtown <br />- The downtown is better off with Imagine <br />That! in the space than without them in the <br />space <br />- Even at paying utilities and 10 %, Imagine <br />That! Will need to reach a certain sales <br />threshold to make this venture a profitable <br />one for their business. In this way, the <br />interests of the property owner and the <br />business owner are tied together. <br />The Proposal: <br />- The terms of this proposed lease are 12 <br />months. <br />- The proposed start date is June 1, 2011 <br />Imagine That! will pay all the utilities on the <br />space <br />- Imagine That! will pay 10% of their gross <br />sales, or a minimum of $453.46 per month to <br />be phased in over the first few months of <br />15 <br />