Laserfiche WebLink
South Bend Redevelopment Commission <br /> Regular Meeting—August 16, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> (2) 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 /> 9 <br />