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South Bend Redevelopment Commission <br /> Special Meeting—January 18, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (5) continued... <br /> numbers are conservative numbers, based on <br /> ACS taking 16,000 sft of the building. There <br /> is potential that additional rents could be had <br /> should there be need for additional space. <br /> Mayor Buttigieg restated the costs as he <br /> understands them. At the highest level the <br /> city is acquiring land that is appraised to be <br /> worth $1.9 million that in the long run the <br /> city will have paid $1.6 million for. And that <br /> the number is higher upfront for reasons <br /> having to do with timing and with the city's <br /> offer to finance some improvements that <br /> have to happen sooner or later. Mr. Inks said <br /> that the summary is correct. <br /> Mr. Downes asked how any need for <br /> additional improvements would be handled. <br /> Mr. Inks responded that the City has other <br /> rental property, primarily retail space in the <br /> downtown, and if a tenant desires <br /> improvement to the space, typically there is <br /> negotiation between the tenant and the <br /> landlord and effectively it gets picked up in <br /> the rent for the property. <br /> Mr. Rich Earnest noted that they came to the <br /> city asking for $1 million in improvements. <br /> The amount that it's going to take to improve <br /> that site is closer to $1.4 million. ACS will <br /> bring $400,000 of its own capital to the <br /> project. If for some reason VA asks for <br /> more, ACS sees that as VA responsibility. <br /> Mr. Varner asked if ACS is expected to <br /> require more than 16,000 sq. ft. Mr. Inks <br /> 14 <br />