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South Bend Redevelopment Commission <br />Regular Meeting —July 26, 2011 <br />Therefore, they are requesting an early lease <br />termination from the Redevelopment <br />Commission. Pursuant to the <br />Redevelopment Commission's new Policy on <br />Early Lease Termination, Spark Design <br />meets all of the requirements. The owner has <br />also agreed they do not intend to relocate <br />their business in another space in the South <br />Bend Central Development Area for one year <br />after the execution of this agreement. Staff <br />recommends approval. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the Early Termination <br />of Lease for Spark Design Studios, LLC. <br />(3) Lease with Girbaud Hines and Sonja <br />Young dba Vesuvio's Pizza for the Wayne <br />Street Garage retail space. <br />Ms. Jennings noted that at its July 12 meeting <br />the Commission approved the terms of a <br />lease for Vesuvio's Pizza for the Wayne <br />Street Garage retail space. The lease has a <br />three -year term beginning August 25, 2011, <br />for the Redevelopment Retail property <br />located at 117 E. Wayne Street. The rental <br />terms are: Year 1- Monthly Rent $1,500, <br />(Annually, $18,000); Year 2- Monthly Rent <br />$1,750 (Annually, $21,000); Year 3- Monthly <br />Rent $2,000 (Annually, $24,000). After year <br />three Vesuvio's has the option to renew the <br />agreement for one year. Tenant will be <br />responsible for payment of all utilities <br />including property taxes. Staff recommends <br />approval. <br />Mr. Varner questioned if places like <br />Vesuvios would be interested in a longer <br />term lease. Instead of a one -year agreement, <br />why not a five -year or ten -year agreement for <br />8 <br />COMMISSION APPROVED THE EARLY <br />TERMINATION OF LEASE FOR SPARK DESIGN <br />STUDIOS, LLC. <br />