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12-19-03 Redevelopment Commission Minutes
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12-19-03 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting— December 19, 2003 <br />6. NEW BUSINESS <br />C. South Bend Central Development Area <br />(3) Commission approval requested for <br />Palais Royale retail space Lease <br />Agreement between The South Bend <br />Redevelopment Commission and Formatt, <br />Inc. d /b /a The Vine. <br />Mr. Mathia reported that the Lease <br />Agreement is for the Palais retail space <br />which includes the ground floor and <br />basement. The agreement is between the <br />Commission and Ms. Mary Spillane of The <br />Vine restaurant. The lease is based on the <br />terms contained in the Letter of Intent to <br />Lease approved by the Commission on <br />November 7, 2003. The terms include an <br />initial five year lease and an option to renew <br />for an additional five years. The starting <br />rent is $9.25 per square foot per year for the <br />ground floor, and $3.10 per square foot per <br />year for the basement. There is provision <br />for increments in the rental rate throughout <br />the term of the lease. <br />The Lease Agreement calls for the <br />Redevelopment Commission to invest an <br />amount no greater than $310,000 in the <br />property and for Ms. Spillane to invest <br />approximately $210,000. A major objective <br />of the Commission is the development of the <br />Palais/Morris complex as an entertainment <br />destination. The addition of The Vine <br />restaurant will complement activities at both <br />the Palais and the Morris which will greatly <br />assist in achieving the Commission's <br />objective. <br />fir/ 14 <br />
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