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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –October 23, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. Tax Abatement <br /> <br />(1) continued… <br /> <br />CRN.2608 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />APPROVING AN APPLICATION FOR REAL <br />Mr. Alford and unanimously carried, the <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />Commission approved Resolution No. 2608 <br />1015NFS <br />LOCATED AT ORTH RANCES TREET IN <br />approving an application for real property tax <br />NN <br />THE ORTHEAST EIGHBORHOOD <br />deduction for property located at 1015 North <br />DA.(PN <br />EVELOPMENT REA ETER AND ANCY <br />K) <br />Frances Street in the Northeast <br />ILPATRICK <br />Neighborhood Development Area. (Peter and <br />Nancy Kilpatrick) <br /> <br /> <br /> B. South Bend Central Development Area <br /> <br />(1) Lease with Spark Design Studio, LLC <br />(117-131 Michigan Street) <br /> <br />Mr. Meteiver noted Spark Design took <br />possession in September. They completed <br />their renovation and are open for business. <br />The term 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 /> <br />CLS <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED THE EASE WITH PARK <br />DS,LLC117-131M <br />ESIGN TUDIO FOR ICHIGAN <br />Ms. King and unanimously carried, the <br />S, <br />TREET SUBJECT TO FINAL LEGAL REVIEW <br />Commission approved the Lease with Spark <br /> 4 <br /> <br />