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South Bend Redevelopment Commission <br />Regular Meeting — November 8, 2011 <br />• Six (6) months initial lease term with <br />two (2) six -month options to extend <br />• Rent shall be abated for the first three <br />(3) months. Thereafter, tenant shall <br />pay $1,000 per month or a total of <br />$12,000 annually <br />• $1,000 security deposit shall be due <br />upon lease signing <br />• Tenant shall pay for all utilities <br />• Common Area Maintenance (CAM), <br />insurance and real estate taxes shall <br />be paid in one lump sum at the time <br />of lease execution <br />Mr. Downes asked Mr. Duncan if he had any <br />prior experience in retail. Mr. Duncan <br />replied that he and his partner own The Old <br />Bag Factory in Goshen, Indiana. He also <br />operates the Two Men And A Truck <br />franchise in Osceola, Indiana. <br />Ms. King asked whether this is a trial to see <br />if there is community interest. Mr. Duncan <br />believes that the Notre Dame apparel will do <br />very well. He has a contract with another <br />local company that makes the apparel. He <br />has some concern about the Hall of Fame <br />leaving and what that may do to the business, <br />but he saw this as a great opportunity to give <br />this a try. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved lease with Carl <br />Duncan for 121 S. Michigan Street. <br />(3) Proposal for roof repair of 325 S. <br />Lafayette Blvd. (Shillings Building). <br />Ms. Jennings noted that the Schillings <br />Building, 325 S. Lafayette Street is in need <br />of roof repair. Two quotes have been <br />0 <br />COMMISSION APPROVED LEASE WITH CARL <br />DUNCAN FOR 121 S. MICHIGAN STREET. <br />