Laserfiche WebLink
MINUTES <br />CITY COUNCIL <br />MAY 26, 1993 <br />per square foot net for buildings such as LCBH, and <br />$10.50 to $14.50 per square foot for shopping center <br />buildings. <br />Pedersen asked that that rent be converted from net to <br />all inclusive, and asked what that would amount to on <br />an annual basis. <br />Short reported that in 1992 Mover's Warehouse reviewed <br />1991 costs and charged $347 per session, which covered <br />$165 per session base rent and the balance covered 85% <br />of the other expenses. Tenants were then back-billed <br />for overaqes between the amount of rent paid and actual <br />expenses. <br />Matson pointed out that NSYA was paying $400 per <br />session and they were never credited for the difference <br />between the $400 and $347 figure. <br />Vitale questioned the ability to get an <br />apples-to-apples comparison on an all inclusive rent, <br />since, as an example, one landlord may be paying $3 per <br />hour for cleaning services and another $10 per hour. <br />Slipy felt the buildinq owners should be held <br />accountable for the base rent, for which Mover's <br />Warehouse is at $9.13 per square foot which Slipy felt <br />was very competitive. Slipy indicated that it was very <br />difficult to be competitive with a complex that is in <br />bankruptcy. <br />Scalze stated that she did not want to negotiate rents <br />with the landlord, but had expected to see two <br />proposals that the Council could react to. Scalze <br />pointed out that in order for the Council to enact any <br />rent controls, the City's ordinance would have to be <br />amended. However, before that is done, Scalze felt the <br />charities should be negotiating with the two landlords <br />and coming back to the Council with two rental <br />packages. <br />Marty Krogman, TCF, felt the issue came down to the <br />rental packages the two property owners were able to <br />offer and how efficient one property is managed versus <br />the other. Krogman reported that TCF did have a letter <br />of intent signed back in December, but given the <br />publicity surrounding a couple of the charities, the <br />conservative nature of bankers, and the fact that TCF <br />would have to put up-front costs into remodeling the <br />space at the Market Place for the bingo hall, the <br />negotiations were put on hold. Krogman reported that <br />Jim Stellick contacted TCF about continuing the <br />Page 7 <br />