The first tenant of the commercial space that has been built on the ground floor of the new 350-space Trades District car park will be a software company called Exclaimer.
The Bloomington (RDC) Redevelopment Commission approved a proposed lease for the 4,059 square foot space at its regular Monday night meeting.
The commercial space for rent overlooks South Rogers Street. The Trades Quarter is the area north of City Hall and the County Government Building on Morton Street, bounded on the north by 11th Street.
On Monday, Bloomington Economic and Sustainable Development Director Alex Crowley described the agreement to RDC members as essentially a four-year lease with the option to terminate the agreement at the end of the third year, as long as ‘Exclaimer covers half the rent they would pay. have paid until the fourth year.
The $19 per square foot that Exclaimer will pay at the start of the agreement amounts to $6,426 per month, or about $77,000 per year. Part of the deal includes a “tenancy improvement allowance” of up to $55 per square foot, which totals $223,245.
The improvement allowance is what the ground floor will pay to build the space for the base occupancy – it is currently an undivided area with bare drywall and concrete flooring. The requirement that Exclaimer can pay rent for the time it isn’t occupying the space – if it exits “early” – is intended to ensure that the costs of building the ground floor are covered.
Exclaimer was registered as a foreign limited liability company with the state of Indiana in mid-February of this year.
The company’s registered agent is listed as Brad Wisler. That’s because Wisler was CEO and founder of a company called Periodic, which was acquired by Exclaimer in mid-January of this year.
Periodic is described in Exclaimer’s press release earlier this year as “a major player in the calendaring and scheduling market”. Exclaimer helps businesses find ways to create revenue opportunities with their email signatures.
Wisler is quoted in the January press release as saying, “We couldn’t be more excited to partner with Exclaimer. For years, we’ve both worked to connect with the real world through online communications. »
Wisler’s quote continues: “By integrating our unique booking platform with Exclaimer’s email and survey management tools, we will create a one-of-a-kind platform to strengthen relationships between businesses and their customers and employees. .
Wisler is also currently chairman of the Bloomington Plan Commission and a former city council member representing District 2.
Periodic, the company founded by Wisler, began life as a tenant of The Mill, a coworking space located in the ground floor adaptive reuse project in the former Dimensional Factory of Showers Company. The mill is located on the east side of the trades district, facing Rogers Street.
Crowley described the basic scenario that had unfolded – a business that was founded at The Mill and now has been acquired by another company – as one that matches what the Trades District is trying to accomplish in the whole.
According to Assistant City Attorney Larry Allen, unless the terms and conditions of the lease change significantly between the draft approved by the RDC and the final version, the RDC will not need to approve the final version. . The RDC will, in any case, see the final version as part of the documents provided at their next meeting, Allen said.
The DRC’s approval of the draft lease contract on Monday, April 18, came a year plus a day after the inauguration of the parking lot in the trades district.
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