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South Bend Redevelopment Commission <br /> Regular Meeting—April 26, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Tax Abatements <br /> (2) continued... <br /> Commission approved Resolution No. 2870 NORTH SHERIDAN STREET IN THE AIRPORT <br /> application for personal property tax ECONOMIC DEVELOPMENT UREA.(HOOSIER <br /> deduction for property located at 1710 North TANK AND MANUFACTURING) <br /> Sheridan Street in the Airport Economic <br /> Development Area. (Hoosier Tank and <br /> Manufacturing) <br /> C. South Bend Central Development Area <br /> (1) Amendment to Lease with Bombay <br /> Boutique, Inc. (119 South Michigan St.) <br /> Ms. Jennings reported that due to the <br /> depressed economy, Bombay Boutique, a <br /> long-time downtown South Bend retailer is <br /> experiencing a slump in business. As a result, <br /> Bombay Boutique fell behind in its monthly <br /> rental payments and has requested a rent <br /> concession for one year, which is the <br /> duration of its lease term. Bombay <br /> acknowledges $4,839.84 in delinquent rent <br /> owed to date. They would like to make <br /> monthly payments of$403.32 for the next <br /> twelve (12) months on the delinquency. <br /> Bombay has also requested a reduction in its <br /> base rent and Common Area Maintenance <br /> (CAM) to a total of$10,000 per year <br /> ($833.33 per month). Currently its base rent <br /> is $1,159 per month, and CAM is $495.69 <br /> per month, for a total monthly rent of <br /> $1,654.69. <br /> With the new Lease Amendment, Bombay <br /> Boutique agrees to pay $1,236.65 per month <br /> ($833.33 rent and CAM) and $403.32 <br /> 9 <br />