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G <br />South Bend Redevelopment Commission <br />Regular Meeting — September 16, 2005 <br />6. NEW BUSINESS (CONT.) <br />A. Housing <br />(3) continued... <br />Improvement Program for property located at <br />1121 Blaine Avenue. (Scott Banacka) <br />B. South Bend Central Development Area <br />(1) Commission approval requested for <br />Commercial Lease in the South Bend <br />Central Development Area. (Cort <br />Furniture, 123 S. Michigan St.) <br />Mr. Williams noted that Michael Connors, <br />owner of Cort Furniture in the Michigan <br />Street Shops, is seeking to exercise the <br />option to renew the present lease for an <br />additional five years at $9.50 per sq. ft. for <br />the first year. Said rent would be increased <br />in each succeeding year by $.25 per sq. ft. <br />Mr. Williams noted that the lease rate <br />requested is less than the option renewal rate <br />of $10.40 per sq. ft. set forth in the current <br />lease. <br />Mr. King noted that Mr. Connors is not <br />exercising the option to renew, but is asking <br />to renegotiate the lease terms. Mr. King <br />suggested the item be referred to staff for <br />further discussion with the tenant and <br />recommendation to the Commission. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Hojnacki and unanimously carried the <br />Commission referred Item 6.B.(1) to staff for <br />further discussion with the tenant and <br />recommendation to the Commission. <br />5 <br />COMMISSION REFERRED ITEM 6.B.(I) TO STAFF <br />FOR FURTHER DISCUSSION WITH THE TENANT <br />AND RECOMMENDATION TO THE COMMISSION. <br />