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South Bend Redevelopment Commission <br /> Regular Meeting—July 26, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. South Bend Central Development Area <br /> (1) continued... <br /> listed in the policy. Staff recommends <br /> approval. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE POLICY FOR EARLY <br /> Mr. Varner and unanimously carried, the TERMINATION OF A LEASE <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 /> 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 COMMISSION APPROVED THE EARLY <br /> Mr. Downes and unanimously carried, the TERMINATION OF LEASE FOR SPARK DESIGN <br /> Commission approved the Early Termination STUDIOS,LLC. <br /> of Lease for Spark Design Studios, LLC. <br /> 8 <br />