Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(5) continued... <br />Letter of Intent (LOI) to lease the former <br />State Cafd space located at 117 Wayne St. <br />Vesuvio's Pizza has been operating in the <br />downtown South Bend area for over five <br />years. Because, its current location is going <br />through some major renovations it is being <br />forced to find a new location. Its owners <br />have viewed 117 Wayne St. and are <br />interested in leasing the space for a term of <br />three years beginning August 1, 2011. They <br />are offering to pay a base rent of $18,000 <br />annually or $1,500 monthly in year one. The <br />annual rent for year two will be $21,000 or <br />$1,750 monthly. The annual rent for year <br />three will be $24,000 annually or $2,000 <br />monthly. The tenant will be responsible for <br />payment of all utilities and interior <br />maintenance. Although, a Letter of Intent <br />was submitted, the final lease agreement is <br />pending a background check on Vesuvio's <br />Pizza. <br />Staff recommended approval of the Letter of <br />Intent. <br />Ms. Jones questioned whether there is CAM <br />in this agreement? Ms. Jennings replied that <br />there is not because there is not a common <br />area. The city will shovel the sidewalk but <br />they take care of all other maintenance <br />issues. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the Letter of Intent to <br />20 <br />COMMISSION APPROVED THE LETTER OF INTENT <br />TO LEASE RETAIL SPACE AT 117 E. WAYNE <br />STREET (IN WAYNE STREET GARAGE) TO <br />VESUVIO'S PIZZA. <br />