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G~ ~- C z~ <br />To: Redevelopment Commission <br />From: Staff - Debrah Jennings, Property Manager <br />Subject: Letter of Intent for UAN Cultural & Creative, Ltd <br />Date: December 3, 2010 <br />Please find attached a Letter of Intent for an art gallery known as, UAN Cultural & Creative, Ltd. <br />The gallery is interested in leasing 123 S. Michigan Street for one year beginning January 15, 2011, <br />with 60 days rent abatement. <br />The annual Modified Gross Rent is $ 19,000. per year which also includes Common Area <br />Maintenance, Real Estate Taxes and Insurance. Tenant is responsible for payment of all utilities. <br />Tenant shall have the option of two (2) one (1) year lease renewals provided they are in good <br />standing. Modified Gross Rent for lease renewals is subject to negotiation. <br />For your information and comparison, please find attached the rent and CAM of current <br />Redevelopment Retail tenants. <br />Staff is recommending approval of the Letter of Intent for this retailer. <br />Thank you. <br />H? W PDATA correct memo.doc <br />