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South Bend Redevelopment Commission <br />Regular Meeting -March 3, 2006 <br />6. NEW BUSINESS <br />A. South Bend Central Development Area <br />(1) Staff report on disposition of property in <br />the South Bend Central Development <br />Area. (Rink Riverside site) <br />Mr. King asked that Item 6.A.(1) be moved <br />to the end of New Business so as to not <br />unnecessarily delay those in attendance for <br />the other New Business items. There was no <br />objection and Item 6.A.(1) was so moved. <br />(2) Commission approval requested for <br />Commercial Lease for 119 S. Michigan St. <br />in the South Bend Central Development <br />Area. (Bombay Boutique) <br />Mr. Williams noted that the Commission <br />approved a Letter of Intent from Bombay <br />Boutique at its February 17, 2006 meeting. <br />The terms of that Letter of Intent are <br />proposed to be revised to account for a larger <br />rental space than previous estimates had <br />indicated. The proposed terms are reflected <br />in the lease presented to the Commission. <br />The lease rents 1209 sft of the Michigan <br />Street Shops at 119 S. Michigan St. to <br />Bombay Boutique for a term of five years. <br />The rent will start at $830/mo. + CAM for <br />the first two and a half years and then go up <br />to $1,159/mo. + CAM for the remaining two <br />and a half years. <br />Mr. King asked about the time table to divide <br />the space. Mr. Williams responded that the <br />bids for the work will go out today and <br />should be opened at a Board of Public Works <br />meeting on March 13. The demising wall <br />should installed and the build-out complete <br />by the end of March. <br />5 <br />