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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -October 23, 2009 <br />Upon a lllotion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2608 <br />approving an application for real property tax <br />deduction for property located at 1015 North <br />Frances Street in the Northeast <br />Neighborhood Development Area. (Peter and <br />Nancy Kilpatrick) <br />B. South Bend Central Development Area <br />(1) Lease with Spark Design Studio, LLC <br />(117-131 Michigan Street) <br />Mr. Meteiver noted Spark Design took <br />possession in September. They completed <br />their renovation and are open for business. <br />The teen of the lease is three years, with two <br />three-year options with rent increases in <br />those additional years capped at $1.00 per <br />option. The additional rent will be $11.26 per <br />sft for the first year, including %5.26 for <br />CAM. Rent is set to begin 90 days after <br />taking possession (September). There will be <br />a personal guarantee, signed by the owner, <br />equal to the first year's lease amount. He <br />asked for the Commission"s approval <br />pending legal review of the final Version. <br />Spark Design's attorney has made his <br />comments. The changes are not expected to <br />be substantive, as there was not any objection <br />to the terms in the Letter of Intent. <br />COMMISSION APPROVED RESOLUTION NO. 2608 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAx DEDUCTION FOR PROPERTY <br />LOCATED AT ~ ~ I S NORTH FRANCES STREET IN <br />THE NORTHEAST NEIGHBORHOOD <br />DEVELOPMENT AREA. (PETER AND NANCY <br />KILPATRICK~ <br />Upon a I710tlOn by Mr. DOWneS, SeCOnded by COMMISSION APPROVED THE LEASE WITH SPARK <br />MS. Klllg and UnanlmOUSly Can•led, the DESIGN STUDIO, LLC FOR 11~-131 IVIICHICAN <br />COII11111SSlOn apprOVed the Lease Wlth Spai'k STREET. SUBJECT TO FINAL LEGAL REVIEW <br />Design Studio, LLC for 1 17-131 Michigan <br />Street, subject to final legal review. <br />C. Airport Economic Development Area <br />(1) Resolution No. 2609 related to acquisition <br />4 <br />