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South Bend edevelopment Commission <br />Regular Meeting - July 27, 1990 <br />6. NEW BUSnIE.SS (Cont.) <br />LZMEND!—) 1Y0aIltiC 9R <br />rip, <br />Inc This is our standard lease form. <br />The space is 1788 square feet. The term <br />of the lease is from October 1, 1990 to <br />April 30, 1994. We are just beginning <br />corLstruction to finish the space and <br />it to be complete and ready for <br />cy by October 1. The terms of the <br />lease are a monthly payment of $1043/mo. <br />for the first full year, $1117.50/mo. for <br />the second full year, and $1192/mo. for <br />the third full year. The rent payment <br />wil not begin until April 1, 1991. That <br />corresponds to the original proposal made <br />by tering by Billie to the Commission <br />tha the first six months be rent free. <br />Th a is a 90-day cancellation clause in <br />the I lease. <br />Upon a motion made by Mr. Donoho, CONMSSION APPROVED THE <br />nded by Mr. Combs and unanimously CONIll=AL LEASE FOR RL AIL SPACE <br />ied, the Commission approved the NO. 1 IN THE ST. JOSEPH/WAYNE <br />Ccmmercial Lease with Catering by Billie, STREET PAREMG GARAGE <br />Inc for Retail Space No. 1 in the St. <br />J ph/Wayne Street Parking Garage. <br />Mrs Kolata noted that although the <br />garage is owned by a goverrnmental agency <br />which is not subject to taxation, a <br />privately owned business will be using <br />the retail space. The private business <br />is liable for taxes. Therefore, the <br />Redevelopment Authority, as owner, and <br />the Commission, as lessee, are applying <br />for tax abatement for the business. <br />Ms. <br />by E <br />the <br />nson read the tax abatement <br />The report contained project <br />.ion regarding the use of a <br />of the retail space for Catering <br />e, Inc., but tax information on <br />re retail space. Mrs. Kolata <br />