Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Forge Lease Prometheus topic
No spam. Unsubscribe anytime.
Redevelopment commission approves three-year lease with Prometheus Energetics for Forge space
Summary
The RDC approved a three-year lease for approximately 2,400 sq ft at the Forge with Prometheus Energetics LLC, a defense-technology joint venture planning a larger manufacturing campus outside the county; lease terms include modest tenant improvements, a slight annual COLA, and a first right of refusal on adjacent space.
The Bloomington Redevelopment Commission approved Resolution 25-154 on Dec. 15, authorizing a three-year lease for about 2,400 square feet on the first floor of the Forge with Prometheus Energetics LLC.
City staff said Prometheus is a joint venture in the defense-technology sector that is establishing a larger campus in Greene County and sought local office and engineering space while that larger project is developed. The proposed lease term is three years with three one-year renewal options; staff said the shorter term and modest tenant improvements are intended to keep the unit re-tenantable should the tenant not exercise renewals.
The lease includes a modest base rent and a 2.5% annual cost-of-living adjustment; staff noted Prometheus requested a first right of refusal on the remaining 1,800 square feet on the Forge—s first floor. Staff said they would add a deadline in lease notices so the company—s corporate approvals would not hold up re-tenanting processes.
Why it matters: If executed, the lease would raise Forge occupancy near 86% from a starting point the facility manager described as roughly 50% at the start of the year. The commission—s approval was unanimous after brief clarifying questions about lease length and the first-right terms.
What comes next: City legal staff will finalize lease language and address the request for a defined response period on the first-right-of-refusal provision before executing the agreement.
