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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br /> <br />Ms. Jennings provided the following <br />comparison of rent paid by other retail <br />tenants of redevelopment leased space <br />downtown. <br /> <br />Bombay International, 119 S. Michigan, pays <br />$11.50 per sft with CAM of $2.32 per sft. Its <br />annual rent is $16,708. <br /> <br />Spark Design, 121 S. Michigan, pays rent of <br />$7.00 per sft with CAM of $5.26 per sft. Its <br />gross rent is $17,445.98 per year. <br /> <br />UAN Cultural & Creative will be paying rent <br />of $7.50 per sft with CAM of $4.92 per sft. <br />Its annual gross rent will be $19,000. <br /> <br />LePeep, 127 S. Michigan, pays rent of $9.37 <br />per sft and CAM of $4.58 per sft. Its annual <br />gross rent is $44,681.85. <br /> <br />Christian Science Reading Room, 129 S. <br />Michigan, pays rent of $11.50 per sft with <br />CAM of $5.47. Its gross annual rent is <br />$17,920.32. <br /> <br />Brunos Pizza, 131 S. Michigan, pays rent of <br />$4.49 per sft with CAM of $4.92. Its gross <br />annual rent will be $14,400. <br /> <br />Mr. Inks asked for approval of the Letter of <br />Intent from UAN Cultural & Creative, <br />subject to receipt and review of a business <br />plan from UAN and also some flexibility on <br />which address to locate them in. He noted <br />that staff has received word that Spark <br />Design will be leaving its space shortly. <br /> <br />Upon a motion by Mr. Downes, seconded by CLI <br />OMMISSION APPROVED THE ETTER OF NTENT <br />UANC&CL. <br />FROM ULTURAL REATIVE TD TO <br />Ms. King and unanimously carried the <br />LEASE REDEVELOPMENT OWNED RETAIL SPACE <br />Commission approved the Letter of Intent <br />, <br />IN THE DOWNTOWN SUBJECT TO RECEIPT AND <br /> 7 <br /> <br />