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