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South Bend Redevelopment Commission <br />Regular Meeting —May 24, 2011 <br />6. NEW BUSINESS <br />A. Housing <br />(1) Loan and Grant in connection with the <br />South Bend Home Improvement Program <br />for property located at 1020 S. Grant <br />Street (Sharon James) <br />Mr. Inks noted that the loan is for $2,700. <br />The grant is $2,550. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the Loan and Grant in <br />connection with the South Bend Home <br />Improvement Program for property located at <br />1020 S. Grant Street (Sharon James) <br />B. South Bend Central Development Area <br />(1) Commercial Lease for property located at <br />117 S. Michigan Street (Imagine That!) <br />Ms. Jennings noted that Imagine That! was <br />one of the pop -up holiday retailers. The <br />intent for the holiday pop -up shops was to <br />generate permanent occupancy in the <br />Redevelopment Retail vacant storefronts. <br />Imagine That! has agreed to a one -year lease <br />with the Redevelopment Commission, The <br />terms the staff plans to present to Imagine <br />That! are: <br />- 12 month lease term beginning 6/1/11, and <br />ending 5/31/12. <br />- base rent will be the greater of 10% of <br />gross sales or the minimum monthly amount <br />starting at $150 and increasing $50 each <br />month until month five. <br />- for months six through twelve, the base <br />13 <br />COMMISSION APPROVED THE LOAN AND GRANT <br />IN CONNECTION WITH THE SOUTH BEND HOME <br />IMPROVEMENT PROGRAM FOR PROPERTY <br />LOCATED AT 1020 S. GRANT STREET (SHARON <br />JAMES) <br />