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6. NEW BUSINESS <br />C. South Bend Central Development Area <br />(7) continued... <br />Mr. Mathia also introduced other interested <br />parties: Mr. Brad Toothaker and Mr. Allen <br />Koch, CB Richard Ellis, and Mr. Dennis J. <br />Andres, Morris Performing Arts Center. <br />Mr. Mathia advised the Commission that he <br />would make a brief comparison between the <br />two Letters of Intent. <br />► Term <br />Ms. Humphreys will agree to a five (5) <br />year term under certain conditions. The <br />LOI includes a provision for lease <br />extensions, but does not specify any time <br />limit. <br />Ms. Spillane offered an initial term of <br />five (5) years and six (6) months with an <br />option for a five (5) year extension. <br />► Lease Rate <br />Ms. Humphreys has proposed a lease <br />rate of $2,400 per month for the retail <br />space and a major portion of the <br />basement (this is equsivalent to <br />$8.22/sq ft for the retail space only with <br />no rent paid for the basement). <br />Ms. Humphreys also proposed a cap not <br />to exceed 7.5% on rent increases for any <br />lease extensions. <br />Ms. Spillane has proposed a lease rate of <br />$9.25/sq ft for the first floor and <br />$3.10 /sq ft for the basement. <br />Ms. Spillane will allow up to a 20% rent <br />increase after an appraisal is conducted <br />during the second five year extension. <br />17 <br />