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C; South Bend Redevelopment Commission <br />Regular Meeting — November 18, 2005 <br />Months 49 -64: $9.00 per square foot <br />Although the rent starts out low, there is a <br />decent escalation over the term. Staff <br />recommends accepting the letter of intent <br />with the stipulation that the lease include a <br />stiff penalty for early termination. <br />Ms. Lynn Fisher, representing Ms. Markin, <br />distributed the financial projections for the <br />operation. <br />Mr. King asked who the lease would be <br />guaranteed by. The letter of intent says the <br />guarantee would be by the tenant's primary <br />company. Would that be the company <br />whose financial statements were distributed? <br />Ms. Fisher responded that the parent <br />company is State Cafe and Catering, whose <br />financials were distributed. Brenda Markin <br />has now incorporated as State Cafe and <br />Catering. <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission accepted the Letter of Intent <br />from the State Cafe to lease the retail space at <br />117/119 E. Wayne St and instructed staff to <br />prepare the Lease. <br />(6) Commission authorization requested to <br />use Commission owned property in the <br />downtown for holiday activities and <br />events. (Various properties between <br />December 3 and December 24). <br />Ms. Laurent noted that Downtown South <br />Bend has again requested the use of the <br />Rockne Plaza for the very successful holiday <br />events that have now become an annual <br />tradition in the downtown. The <br />ILI 13 <br />COMMISSION ACCEPTED THE LETTER OF INTENT <br />FROM THE STATE CAFE TO LEASE THE RETAIL <br />SPACE AT 117/119 E. WAYNE ST AND <br />INSTRUCTED STAFF TO PREPARE THE LEASE. <br />