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South Bend Redevelopment Commission <br />Regular Meeting —May 24, 2011 <br />rent will be the greater of 10% of gross sales <br />or a minimum monthly amount of $453.46. <br />This set rent schedule includes Common <br />Area Maintenance (CAM). <br />- Imagine That will be responsible for <br />payment of all utilities. <br />- Either party will have the option to <br />terminate the lease at any time with a 30 -day <br />written notice to the other party. <br />Mr. Inks noted that the Commission <br />approved the terms of this lease at a previous <br />meeting. This lease is a draft, but <br />incorporates the terms already approved. <br />Staff recommends approval, subject to final <br />legal review. <br />Mr. Varner asked if utilities were in the name <br />of the lessor or lessee. Ms. Jennings <br />responded that the utilities will be in the <br />name of the lessor. The lessee will reimburse <br />the Commission. Mr. Varner suggested that <br />the Commission could get stuck with <br />unreimbursed utility expenses. He would <br />prefer to have the utilities in the name of <br />Imagine That! <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved the Commercial Lease <br />with Imagine That! for property located at <br />117 S. Michigan Street, subject to final legal <br />review. <br />(2) Downtown South Bend Window Galleries <br />Proposal <br />Ms. Nicholl -Smith noted that DTSB is <br />proposing a pilot program to fill the windows <br />of two spaces of the Michigan Street shops. <br />If it turns out to be something people enjoy, <br />then maybe the city would extend it to other <br />14 <br />COMMISSION APPROVED THE COMMERCIAL <br />LEASE WITH IMAGINE THAT! FOR PROPERTY <br />LOCATED AT 1 17 S. MICHIGAN STREET, SUBJECT <br />TO FINAL LEGAL REVIEW <br />