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South Bend Redevelopment Commission <br /> Regular Meeting—May 10, 2011 <br /> The Commission would have the option to <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (7) continued... <br /> terminate the lease with a written letter and <br /> 30-day notice if <br /> - Imagine That! falls short of their sales goals <br /> for an extended period of time, or <br /> - The broker is able to first fill at least one of <br /> the two larger available spaces (121 or 123 S. <br /> Michigan) and then is able to produce a <br /> tenant for 117 S. Michigan who has signed a <br /> 2-year lease at a rate higher than the Imagine <br /> That! Agreement and put a deposit down. <br /> At the end of the 12 month term, Imagine <br /> That! will have the option to continue their <br /> lease term at terms no less than the terms for <br /> the lease for 131 S. Michigan Street' for a <br /> period of one year. <br /> Staff seeks approval from the Redevelopment <br /> Commission to work through the details of a <br /> 12-month lease based upon the above <br /> proposal. <br /> Mr. Varner asked whether their rent per <br /> square foot was going to be cheaper than <br /> what other shops are paying on Michigan <br /> Street. Ms. Nicholl-Smith responded that it <br /> will. However, she believes the presence of <br /> retail helps other retail She did speak with <br /> Bombay International and their response was <br /> to do what it takes to get Imagine That! in. <br /> Upon a motion by Ms. King, seconded by COMMISSION APPROVED LEASE PROPOSAL FOR <br /> 17 <br />