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11-02-07 Redevelopment Commission Minutes
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11-02-07 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -November 2, 2007 <br />6. NEW BUSINESS <br />B. South Bend Central Development Area <br />(1) continued... <br />the base rent totaling $1,250 per month. <br />Each subsequent year the base rent will total <br />$2,500 per month. The common area <br />expense (CAM) plus taxes and insurance will <br />be paid in addition to the base rent at a total <br />of $1,043 per month. In addition, tenant will <br />pay 6% on annual sales over $600,000. <br />Mr. Inks noted that these are terms the <br />Redevelopment Commission has already <br />authorized. The approval of the Lease today <br />is simply the written full document. <br />Mr. King made a motion to approve the <br />Lease. Mr. Downes seconded the motion. <br />Mr. Peczkowski asked what LePeep's annual <br />revenues have been in the past, for <br />comparison purposes to the $600,000. Mr. <br />Inks stated that that information has been <br />supplied to staff confidentially. He stated, <br />however, that the sales have been below <br />$600,000, but it's not unreasonable to expect <br />that they could go over that. <br />Mr. Peczkowski commented, "Especially if <br />we give them a break on the rent." <br />Mr. Peczkowski: Being that they are able to <br />stay in that same location instead of moving <br />to a location where they could afford to pay <br />the rent and the CAM fees, certainly would <br />affect.... I know as a business, having to <br />move is fatal to a lot of businesses. Even a <br />block away as we were forced to on two <br />occasions in downtown. The recovery of <br />62 <br />
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