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Commission approves Fourth Street Garage lease with Visit Bloomington at recommended market rate
Summary
The Redevelopment Commission approved a lease for commercial office space in the Fourth Street Garage with Visit Bloomington, including renewal terms; staff said the rent aligns with market rates.
The Redevelopment Commission on Sept. 2 approved a lease for commercial office space at the Fourth Street Garage with Visit Bloomington, the city’s convention and visitors bureau.
Jane Coopersmith, economic and sustainable development director, told the commission that Visit Bloomington’s board sought a reduced annual rent after assessing build-out costs. Staff reviewed market rents and recommended the revised rates. “...the staff feels really good about recommending approval of the requested rent rates,” Coopersmith said. The lease includes four additional renewal terms and allows negotiation of rates at each renewal.
Commissioners asked about renewal terms and whether the tenant was committed; staff said Visit Bloomington was invested in the location given the nearby convention center. The commission opened the item for public comment and received none. Resolution 25-108 passed by roll call.
Background: Visit Bloomington previously received approval under an earlier resolution (25-59); this action implements updated rent rates after market review. Staff said the agency intends to remain in Bloomington and the lease terms accommodate build-out investments by the tenant.
