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SOUth Bend C edevelopti-ient Con-imis ioll <br />Rescheduled Re ula.r Mcetln -May 8, 2 07 <br />. NEW USI N F (CONT.) <br />C. South Bend Central Development Area <br />(U) contintied... <br />been made to the billincys with LePeeps over <br />the last 12 months. There were some 2005 <br />CAM reconciliation char es, over 6,00 , <br />rnaint l ance charges of about $70, some <br />minor plumbina char es of S278, some rent <br />r d CAM charcyes repre er tip jU.st under <br />two months of rent and `Alm_ Those items <br />have all been billed and total LIP to $13,000. <br />There are additional charges that have not <br />[�cerl N 11C(1, I)ILMIN11cy cl ar es of a.11 ost <br />S-3,800, and estimated 2006 CAM <br />reconctl.iatlon. charges, including property <br />taxes o f aln-lo t $4,000 for a total of almost <br />S 2 1 , (.. 00. W i th i n terest amortize d over the <br />tern i of the lease the interest would be 37 <br />1 r a total balance that reeds to be amorti zed <br />Over this new lease of $24,540. That will add <br />,S377. 55 to the monthly ly l ease payments. ts. The <br />lease payments will therefore be about o% <br />hl,cyher than they cuiTently are. I believe this <br />leas been discussed with LePeeps. At this <br />Point we reconiniend approval. GIven the <br />size of these charges and the short period of <br />time in which they have been incurred, we'd <br />file to provide are opportunity for :Le eeps to <br />pay these over a new five -year' lease term, <br />Mr. Pec ko vsl i noted that this is <br />delinquency breakdown. The amortization is <br />for 5.4 yrs, so we are actually exceeding the <br />length of the proposed contract. He asked if <br />the .4 1s coming off the front or off the rear <br />LD <br />of the lease. <br />Ms. Aggeler responded that Beeps' cuirrent <br />lease expires October 31, 2007. That is the <br />23 <br />