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RDC approves Merrill Lynch lease termination at Showers West; tenant to vacate by March 31 under negotiated terms
Summary
The commission approved negotiated lease-termination provisions allowing Merrill Lynch to remain in Showers West through March 31 and to leave fixtures; the city will not reimburse moving expenses. Staff flagged data-security and inventory questions and will inventory fixtures and confirm removal of any confidential equipment.
The Bloomington City Redevelopment Commission approved key provisions of a negotiated lease termination with Merrill Lynch, Pierce, Fenner & Smith Inc. (Bank of America as carrier) at Showers West.
Staff said Merrill Lynch requested to remain in the space through March 31 and to leave fixtures and certain build-out elements in place rather than seek moving-expense reimbursement. Corporation counsel and property staff described the arrangement as advantageous to the RDC because it returns occupied space without a settlement payment and preserves tenant goodwill.
Commissioners asked about the nature of the fixtures and whether any computer equipment or devices containing personal data would remain. Staff said Merrill Lynch would be liable for removing confidential data and that the tenant had represented it would take equipment that contains personally identifying information. Economic development staff and the local CBRE transaction contact said the space had been recently outfitted and left in good condition; staff recommended an inventory of fixtures and confirmation that any equipment requiring secure disposition would be removed by the tenant. The motion passed on a roll-call vote.
Why it matters: returning Showers West space will allow the RDC to repurpose or market the space for public or alternative uses; retaining tenant-installed fixtures may reduce time and cost to ready the space for the city’s intended uses.
What’s next: property management and corporation counsel will inventory tenant fixtures, confirm data-security removals and report back to the RDC on any items that require disposal or special handling.
