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South Bend Redevelopment Commission <br /> Regular Meeting—May 10, 2011 <br /> be phased in over the first few months of <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (7) continued... <br /> their lease as follows: <br /> Month(s) The greater of 10% <br /> of gross sales, or a <br /> minimum of- <br /> 1 $150 <br /> 2 $200 <br /> 3 $250 <br /> 4 $300 <br /> 5 $400 <br /> 6-12 $453.46 <br /> This 10% of total sales will be considered <br /> rent and CAM. There will be no cap, thus <br /> while the property owner takes a risk on the <br /> low end, the business owner takes a risk on <br /> the high end. <br /> Imagine That! agrees that based on a 6 day <br /> week, they will work to achieve the <br /> following sales goals: <br /> - $200 per day or $4,800 per month by the <br /> end of the 1st six months of the lease term <br /> (This will cover the fixed cost of the CAM of <br /> 453.46 as the payments would reach $480) <br /> - $300 per day or $7,200 per month by the <br /> end of the 2nd six months of the lease term. <br /> (This will cover the fixed cost of the CAM of <br /> 453.46 as the payments would reach $720) <br /> Imagine That! Has the option to terminate the <br /> lease at any point with a written letter and <br /> 30-day notice. <br /> 16 <br />