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South Bend Redevelopment Commission <br /> Regular Meeting—May 24, 2011 <br /> 6. NEW BUSINESS(CONT.) <br /> A. Housing <br /> (1) continued... <br /> Upon a motion by Ms. King, seconded by COMMISSION APPROVED THE LOAN AND GRANT <br /> Mr. Downes and unanimously carried,the IN CONNECTION WITH THE SOUTH BEND HOME <br /> Commission approved the Loan and Grant In IMPROVEMENT PROGRAM FOR PROPERTY <br /> LOCATED AT 1020 S.GRANT STREET(SHARON <br /> connection with the South Bend Home JAMES) <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 a 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 /> 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 /> 14 <br />