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South Bend Redevelopment Commission <br />Regular Meeting —July 26, 2011 <br />No bids were received. <br />C. South Bend Central Development Area <br />(1) Policy for Early Termination of a Lease. <br />Mr. Inks noted that there was a lot of <br />discussion of this policy at the July 12 <br />meeting. Staff has incorporated the <br />Commission's suggestions and added a <br />rationale section at the beginning of <br />document. It is on the agenda for approval. <br />Ms. Jennings noted that the Policy for Early <br />Termination of a Lease is for redevelopment <br />retailers who have concluded they are no <br />longer able to operate their business <br />downtown. Those businesses that have <br />elected to close before fulfilling the lease - <br />term obligation. Rather than holding them <br />responsible for the duration of the lease, staff <br />has drafted a policy to release them from the <br />lease provided they meet the qualifications <br />listed in the policy. Staff recommends <br />approval. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved the Policy for Early <br />Termination of a Lease. <br />(2) Early Termination of Lease for Spark <br />Design Studios, LLC <br />Ms. Jennings noted that based on the policy <br />just approved for early termination, Spark <br />Design Studios has elected to terminate its <br />lease prematurely. Spark Design Studios <br />entered into a three -year lease with the <br />Redevelopment Commission in 2009. In <br />April of 2011, Spark Design concluded they <br />were no longer able to operate its business. <br />7 <br />NO BIDS WERE RECEIVED. <br />COMMISSION APPROVED THE POLICY FOR EARLY <br />TERMINATION OF A LEASE <br />