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South Bend Redevelopment Commission <br />Regular Meeting —April 26, 2011 <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 />time we have done that where tenants have <br />been able to catch up. <br />Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE AMENDMENT TO <br />Mr. Alford and unanimously carried, the LEASE WITH BOMBAY BOUTIQUE, INC. (119 <br />Commission approved the Amendment to SOUTH MICHIGAN. <br />Lease with Bombay Boutique, Inc. (119 <br />South Michigan. <br />(2) Request to solicit appraisals for <br />Commission owned property in Monroe <br />Park. <br />Ms. Jennings noted that the Redevelopment <br />Commission is the owner of twelve (12) <br />properties leased to the Housing <br />Development Corporation. HDC dissolved its <br />rental program back in 2009 and sold the <br />majority of its properties. The <br />Redevelopment Commission is the owner of <br />some of the remaining properties and <br />appraisals are needed as part of the <br />disposition process. Therefore, staff is <br />requesting to obtain two appraisals on the <br />ME <br />