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South Bqd Redevelopment Commission <br />Regular eeting — August 16, 2012 <br />6. NENV BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />continued... <br />in the South Bend Redevelopment Retail <br />Area. <br />A national retail franchise known as Edible <br />Arrangements intends to rent 123 S. <br />Michigan St. with the following terms: <br />• Lease Term five (5) years, with the <br />option of three (3) five year lease <br />renewals; <br />• Initial rent is $7.50 per sq. ft., totaling <br />$11,475 per year and increasing 3% <br />annually; <br />• Common Area Maintenance (CAM) <br />and property tax will be billed at <br />$5.61 per sq. ft. totaling $8,583.30 <br />per year; <br />• Tenant will take possession of space <br />in "as is" condition; <br />• Owner will allow tenant to place a <br />construction dumpster in front of <br />leased premises for no more than two <br />(2) days; <br />• Owner will provide six (6) parking <br />permits for Leighton Parking garage <br />at a reduced rate of $30 each per <br />month. <br />Edible Arrangements is a National Franchise <br />that produces floral shaped and sculpted fruit <br />arrangements dipped in assorted flavors and <br />toppings. Because they are a franchise, they <br />will require acceptance of this agreement <br />from their corporate headquarters upon <br />approval from the Redevelopment <br />Commission. Therefore, Commissioners <br />were provided a draft of the proposed lease <br />1 <br />