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South Bend Redevelopment Commission <br /> Regular Meeting—April 26, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. South Bend Central Development Area <br /> (1) continued... <br /> delinquent rent commencing on May 1, 2011, <br /> and ending on April 30, 2012. Additionally, <br /> Bombay agrees to pay 10% in extra rent on <br /> gross sales over $100,000 annually. Bombay <br /> will be required to forward cash sales <br /> accounting monthly. <br /> As an incentive for Bombay to pay as agreed, <br /> $1,427.08 in late fees will not to be included <br /> in the delinquent rent; however, if they do <br /> not follow the terms of the amended <br /> agreement, the late fees will be restored to <br /> the account and the terms will revert from the <br /> amendment to original lease terms. <br /> Staff recommends approval of the proposed <br /> Lease Amendment. <br /> Mr. Varner asked whether the staff is <br /> confident that Bombay will be able to make <br /> these lease terms? Ms. Jennings stated that <br /> Bombay is confident and the staff is as well. <br /> Mr. Gibney added the staff met with DTSB <br /> earlier today and Bombay is in regular <br /> communication with DTSB. They are a great <br /> champion of downtown South Bend and <br /> DTSB very much supports this adjustment. <br /> Mr. Downes added that Bombay has been a <br /> good downtown tenant and if the <br /> Commission doesn't make concessions it will <br /> lose that delinquent rent, and this is less a <br /> concession than that amount would be. <br /> Mr. Gibney also stated that this isn't the first <br /> 10 <br />