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South Bend Redevelopment Commission <br />Regular Meeting — December 16, 2005 <br />6. NEW BUSINESS (CONT.) <br />A. Receipt of Proposals <br />(1) continued... <br />price of $400,000. He could not. He feels <br />the building is over - valued at that price. <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission acknowledged receipt of the <br />non - conforming proposal from South Bend <br />Chocolate Company and referred the <br />proposal to staff for review and <br />recommendation to the Commission in the <br />future.. <br />B. South Bend Central Development Area <br />(1) Commission approval requested for Letter <br />of Intent for property located at 131 S. <br />Michigan St. in the South Bend Central <br />Development Area. ( Quizno's) <br />Mr. Williams reported that Quizno's Classic <br />Subs wishes to exercise its option to renew <br />its lease for 131 S. Michigan St. They <br />propose exercising the option for a four -year <br />lease renewal at a monthly rate of $1,446.25 <br />($11.34 per sft) Quizno's is current with its <br />lease obligations and has always been a <br />model tenant. Staff recommends renewing <br />the lease as proposed. <br />Upon a motion by Mr. King, seconded by <br />Mr. Hojnacki and unanimously carried, the <br />Commission approved the terms of lease for <br />131 S. Michigan St. with Quizno's Classic <br />Subs. <br />c, 6 <br />RECEIPT OF PROPOSALS FOR PROPERTY LOCATED <br />IN THE SOUTH BEND CENTRAL DEVELOPMENT <br />AREA. (OSLO'S DRUG STORE, 126 S. MICHIGAN <br />COMMISSION APPROVED THE TERMS OF LEASE <br />FOR 131 S. MICHIGAN ST. WITH QUIZNO'S <br />CLASSIC SUBS <br />