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South Bend Redevelopment Commission <br />Regular Meeting —May 10, 2011 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(4) continued... <br />lease there is a decrease from what they are <br />currently paying (a$500 decrease per month <br />for the first year). At the end of the term of <br />this lease the monthly rent would increase by <br />$1,000. Staff recommends approval. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved the Fourth <br />amendment of Lease between the South <br />Bend Redevelopment Commission and <br />LePeep, Inc. dated May 10, 2011 <br />(5) Assignment of Lease by Lessee (127 S. <br />Michigan Street, LePeep of South Bend, <br />LLC to 1St Source Bank) <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved the Assignment of <br />Lease by Lessee (127 S. Michigan Street, <br />LePeep of South Bend, LLC to 1St Source <br />Bank) <br />(6) Disclaimer and Waiver of Real Estate <br />Interest (127 S. Michigan Street, LePeep) <br />COMMISSION APPROVED THE FOURTH <br />AMENDMENT OF LEASE BETWEEN THE SOUTH <br />BEND REDEVELOPMENT COMMISSION AND <br />LEPEEP, INC. DATED MAY 10, 2011 <br />COMMISSION APPROVED THE ASSIGNMENT OF <br />LEASE BY LESSEE (127 S. MICHIGAN STREET, <br />LEPEEP OF SOUTH BEND, LLC TO 1 ST SOURCE <br />BANK) <br />Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE DISCLAIMER AND <br />Ms. King and unanimously carried, the WAIVER OF REAL ESTATE INTEREST (127 S. <br />Commission approved the Disclaimer and MICHIGAN STREET, LEPEEP) <br />Waiver of Real Estate Interest (127 S. <br />Michigan Street, LePeep) <br />(7) Lease proposal for Imagine That (Holiday <br />Pop -Up Program Participant) <br />13 <br />