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~~-cN) <br />To: Redevelopment Commission <br />From: Staff - Debrah Jennings, Property Manager <br />Subject: Proposal to Lease 131 S. Michigan St. <br />Date: August 6, 2010 <br />Staff has received from CB Richard Ellis a proposal to lease 131 S. Michigan Street. This location is <br />the former Quizno's restaurant, which became vacant the end of June. <br />Bruno's Pizza has shown an interest in leasing the space with the approval of the following terms: <br />3 years, 2 months lease term, beginning with 2 months rent abatement. Tenant will be responsible <br />for improvement work and utilities. Bruno's Pizza requests the right to sidewalk seating and to <br />renew the lease for an additional 3 year term. <br />Bruno's proposed rent per month is $1,200.00 the first year, $1,300.00 the second year and <br />$1,400.00 the third year beginning with 2 months free rent. This also includes CAM expenses. <br />H:`WPDATA correct memo.doc <br />