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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />. South Bend Central Development Area <br /> C <br /> <br />(2) continued… <br /> <br />gallery interested in leasing123 S. Michigan <br />St. Staff has received a Letter of Intent to <br />lease for one year beginning January 15, <br />2011 with a sixty-day rent abatement. The <br />annual modified gross rent is to be $19,000 <br />per year, including common area <br />maintenance (CAM), real estate taxes and <br />insurance. The tenant will be responsible for <br />paying all utilities. The tenant will have the <br />option of two one-year lease renewals, <br />provided they are in good standing. <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 /> 7 <br /> <br />