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South Bend Redevelopment Commission <br /> Regular Meeting—December 13, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. South Bend Central Development Area <br /> (13) continued... <br /> indemnifications to MC3. Mr. Sikora stated <br /> we are working through those issues. Mr. <br /> Varner asked if there will be a cost for that. <br /> Mr. Sikora responded that there will not be a <br /> cost in Phase I. <br /> Upon a motion by Ms. King, seconded by COMMISSION ACCEPTED THE PROPOSAL FROM <br /> Mr. Downes and unanimously carried, the MONROE CIRCLE COMMUNITY CENTER FOR <br /> Commission accepted the proposal from DISPOSITION OF 502 WESTERN AVE,THE <br /> FORMER HARMON AUTO GLASS.AND DIRECTED <br /> Monroe Circle Community Center for STAFF TO PREPARE THE NECESSARY DOCUMENTS <br /> disposition of 502 Western Ave, the former <br /> Harmon Auto Glass. And directed staff to <br /> prepare the necessary documents. <br /> (14) Lease Proposal for 121 N. Michigan Street <br /> (Metronet). <br /> Ms. Jennings outlined the terms for the lease <br /> of 121 N. Michigan Street to the St. Joe <br /> Valley Metronet. The space is the former <br /> Spark Design Studio. <br /> The St. Joe Valley Metronet will use the <br /> 1,423 sft for a local office and customer <br /> interface location for Metronet Zing. The <br /> term of the lease is forty-eight (48) months, <br /> commencing immediately upon full lease <br /> execution, estimated to be January 1, 2012. <br /> The tenant shall have renewal options: so <br /> long as tenant is not in default, tenant shall <br /> have the option to extend for two (2)terms of <br /> three (3)years each. During each renewal <br /> term, rent shall increase by a flat 3% over the <br /> previous term. <br /> 42 <br />