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rz) (3) <br />SOU TX BE <br />of ,A liiilCr�� 'rO <br />F� %z Department of <br />Community Investment <br />1865 <br />Memorandum <br />April 25, 2013 <br />TO: Redevelopment Commission /y <br />FROM: David Relos, Economic Resources Associate <br />SUBJECT: Gates Automotive Corp. lease renewals <br />As part of the January 2012 final acquisition of the downtown Gates Campus properties, the <br />Commission assumed two leases. <br />The first lease is for the Gates Service Center located at 410 W. Monroe. The rent for this <br />property is $60,000 per year, or $5,000 per month. <br />The second lease is for the Gates Used Car Lot at 205 W. Western. The rent for this <br />property is $30,321.60 per year, or $2,526.80 per month. <br />Both leases are for an initial five year term, expiring July 31, 2013. Both leases grant the <br />Lessee an option for three, two year renewals. <br />Gates would like to renew both leases, and have given notice of this intent, which is <br />attached. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574- 235 -9021 1 SOUTHBENDIN.GOV <br />