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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(2) continued... <br />business and a fine stationary business. <br />Another unique business is Bombay Imports, <br />which did well until the recession then <br />needed some relief which the Commission <br />granted. As the city continues to lease retail <br />space, it is expected there will be businesses <br />that are good fits, and others where the fit <br />may ultimately not be right. <br />This type of policy recognizes the <br />Commission's willingness to be flexible and <br />work with businesses that make a good faith <br />effort, keep current on their rent and give <br />notice of their need to vacate before the lease <br />term expires. <br />The policy itself has provisions that the <br />tenant would occupy the space for at least <br />one year, need to be current on all payments <br />due the Redevelopment Commission <br />including, but not limited to, rent and CAM. <br />The rent that's paid must be at least sufficient <br />to cover the cost of tenant improvements and <br />leasing commissions that the Redevelopment <br />Commission fronted for the project, and the <br />condition of the space at move -out must <br />conform to the requirements of the lease. <br />Lastly, Mr. Inks noted that the policy intends <br />to discourage tenants from leaving downtown <br />retail spaces because they found a cheaper <br />space someplace else. Therefore, the policy <br />includes the provision that for one year <br />tenants would be prohibited from opening at <br />another location. <br />Mr. Varner felt that that requirement should <br />13 <br />