2 Minutes 5/10/11 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting —May 10, 2011 6. NEW BUSINESS (CONT.) A. South Bend Central Development Area (3) continued... 2011, and ends January 31, 2012, and has the same terms as the initial agreement: 117 E. Wayne St., $200 per month or 5% of the gross revenues, whichever is greater; 118- 131 S. Michigan St. is $625 per month or $5% of the gross revenues collected, whichever is greater; Leighton Plaza Courtyard at 130 S. Main St. will be a flat $75 per month, and an 8% fee for the leasing agent. Staff recommends approval of the agreement. Upon a motion by Mr. Downes, seconded by Mr. Alford and unanimously carried, the Commission approved Notice of Renewal of Agreement with Robert Bradley Associates, LLC c/b /a CB Richard Ellis Bradley for management of the Redevelopment Retail properties. (4) Fourth Amendment of Lease between the South Bend Redevelopment Commission and LePeep, Inc. dated May 10, 2011. Ms. Jennings noted the LePeep lease expires October 31, 2012. However, as part of a partner buy -out, a five -year lease must be executed which would go through October 31, 2017. Terms will remain the same except for the annual base rent of $24,000 and will end with the annual base rent of $36,000. Ms. King asked amount of current rent and Ms. Jennings responded $2,500 per month. Mr. Inks noted that in the early years of this 12 COMMISSION APPROVED NOTICE OF RENEWAL OF AGREEMENT WITH ROBERT BRADLEY ASSOCIATES, LLC C /B /A CB RICHARD ELLIS BRADLEY FOR MANAGEMENT OF THE REDEVELOPMENT RETAIL PROPERTIES.