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06-07-02 Redevelopment Commission Minutes
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06-07-02 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting —June 7, 2002 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(2) continued... <br />Redevelopment Commission and <br />Kendall Catering, Inc., d/b /a Catering by <br />Billy in the South Bend Central <br />Development Area. <br />(3) Commission approval requested for <br />"Early Out" option to be presented to <br />Lessee in the South Bend Central <br />Development Area. ( Quizno's, <br />Michigan Street Shops) <br />Mr. Williams advised that Quizno's <br />corporate office has requested the <br />preparation of an "early out" cost <br />IL proposal terminating their present lease <br />in the Michigan Street Shops effective <br />December 31, 2002. The current lease is <br />landlord friendly and would require that <br />Quizno's pay the rent through the <br />termination of the lease in 2006. CB <br />Richard Ellis has prepared a proposal <br />which was reviewed by staff as well as <br />the City's legal department. The <br />proposal covers the unamortized costs <br />involved of $36,911.07 and, in addition, <br />requires Quizno's to pay rent and CAM <br />expenses in the amount of $1,610.09 per <br />month until such time as the space is re- <br />rented. <br />Upon a motion by Mr. Kahn, seconded COMMISSION APPROVED A REQUEST FOR "EARLY <br />by Ms. Roemer and unanimously carried, OUT" OPTION TO BE PRESENTED TO LESSEE IN <br />the Commission approved a request for THE SOUTH BEND CENTRAL DEVELOPMENT <br />AREA. (QUIZNO'S MICHIGAN STREET SHOPS) <br />"Early Out" option to be presented to ' <br />Lessee in the South Bend Central <br />Development Area. ( Quizno's, <br />Michigan Street Shops) <br />11 <br />
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