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South Bend Redevelopment Commission Regular Meeting — Thursday, November 14, 2013 6. NEW BUSINESS (CONT.) A. South Bend Central Development Area (3) continued... Mr. Varner asked if this is a franchise. Mr. Katz responded that it is a franchise out of Burbank, CA. with over 450 varieties including gluten free, sugar free, and fat free. Mr. Varner asked how many stores. Mr. Katz responded that there are 10 stores including Istanbul and Qatar. Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the Commission approved the Lease By and Between the South Bend Redevelopment Commission and Irish Cupcakes, Inc. d/b /a/ Yummy Cupcakes. (4) Option Agreement with St. Joseph County Public Library for lots along 300 block of South Michigan Street. (former Baer's lot, now parking) Mr. Kain noted that the Option Agreement is between the Redevelopment Commission and the St. Joseph County Public Library for Commission owned property in the South Bend Central Development Area commonly known as the ` Baers Lot." The Baers Lot is a collection of 6 individual parcels that are located between Michigan Street and Main Street, adjacent to the St. Joseph County Library's Main branch in downtown South Bend. The lots are currently used as surface parking by the library as well as by Downtown South Bend, Inc. (DTSB) for daily parkers. The St. Joseph County Public Library wishes to enter into an option agreement with the Redevelopment Commission for a term of 5 years to enable them to purchase the property for the purpose of an expansion of the Main Branch. The library expects to build a new facility at this location in about 5 -7 years. The library has also identified the need for drainage improvements to those surface parking lots which are expected to cost $52,534.00. The Redevelopment Commission and St. Joseph Public Library have both initiated appraisals for the property and the average of five appraisals is $163,200.00 which is set as the sale price. The Option Agreement states that the library will make the drainage improvements to the Commission lots at its expense but this amount will be applied as a reduction to the sale price of the lots, should the library choose to exercise the Option in 5 years and purchase the lots from the Commission. The library has also agreed to maintain the DTSB parkers on the lot for the duration of the Option Agreement. Staff requests approval of the Option Agreement with the St. Joseph County Public Library for a term of 5 years. Mr. Downes asked if there are any other improvements being made to the lot besides drainage —will it look nicer. Mr. Kain responded that there is a larger plan; the library already owns some lots that are more interior. They own some parcels where the old Fort Wayne 2