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South Bend Redevelopment Commission <br />Regular Meeting - December 19, 1997 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />City Associates building. This is a 20- <br />year lease with two, five -year renewals at <br />a rental rate of $2,500 per year. SBCC <br />Development Corporation is obligated to <br />complete two Phases of its proposed <br />project before it can receive a Certificate <br />of Completion. Phase I is the <br />development of its Chocolate Concept <br />Store on the first floor. Phase II is the <br />completion of the other retail spaces <br />located on the first floor. SBCC <br />Development Corporation also has within <br />its lease, a Phase III, which is the <br />development of the upper floors into office <br />space. SBCC Development Corporation <br />will receive a Certificate of Completion <br />from the Redevelopment Commission <br />once Phases I and II are completed. The <br />completion of Phase III is not a <br />requirement in order for SBCC <br />Development Corporation to receive the <br />Certificate of Completion. Phase I and II <br />also include facade work to the north side <br />of the building, where the store fronts will <br />be cut into the building. <br />Upon a motion by Ms. Schwartz, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved the Agreement <br />for the Lease and Development of Real <br />Property within the South Bend Central <br />Development Area. (SBCC Development <br />Corporation) <br />F:\ HOME\ CPHIPPS \WPDATA \COMMSN\121997.MIN -8- <br />COMMISSION APPROVED THE AGREEMENT FOR <br />THE LEASE AND DEVELOPMENT OF REAL <br />PROPERTY WITHIN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (SBCC DEVELOPMENT <br />CORPORATION) <br />