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2. Minutes 11/21/08
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2. Minutes 11/21/08
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12/2/2008 12:51:17 PM
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South Bend Rcde~elopment Conunission <br />Regular Meeting -No~~cmbcr 21. ?OOS <br />5. OLD 6USINESS (CON"T.) <br />A. South Bend Central Dc~~clopment ,1rca <br />(2) continued... <br />He sug~~ested Ms. Laurent get an updated <br />proposal that contains only the items the <br />Commission is appro~ ing. <br />L~pun a motion by 'Vlr. Dow~ncs, seconded by <br />Vls. King and unaninunisly can~icd. the <br />Commission appro~~cd the re~~iscd proposal <br />Frith The 'l~royer Group t~n~ a tee of S? 1.000 <br />plus rcimbursables, suhjcct to legal rericw~. <br />6. NEW BUSINESS <br />A. Tax Abatements <br />Thcrc ~rcrc no Tas Abatements <br />6. South Bend Central Deg°elopment Area <br />(l) Lease proposal for 127 S. '~1ichigan Street. <br />(LePeeps Restaurant, 11ichigan St. Shops) <br />Mr. Inks noted that in No~~cmber of?OU7 the <br />Rale~~clopment Commission took action to <br />amend LcNcep~s Lease. ~fhc I.easc eras <br />amended to reflect a rene~ral fi~~r ~ ~-cars. and <br />prodded t~~r a reduced Iease late in the tirst <br />year of S0.68 per square toot (~ 1?>0 per <br />month). "hhe second through fifth wars had a <br />lease rate of $9. ,7 per square foot (S?_~O(1 <br />per month). <br />Since that time. Lepecp has closed its <br />Misha~~aka location to impro~~c its orerall <br />cash flo~~~. At the same time. LcPcep has <br />seen risin~z food and cncr~~ costs at its <br />do~rnto~~ n location. Sale at the do~rnto~rn <br />CY1Ai ~91S~1oA ~PPROA'PD IIIr RrAIS PI) PROPOSAL <br />~cn ii l iir llz<» i iz (~ao~P i oiz .~ n i or5'_ I.oUO <br />i>i rs iii nna~izs ~ni i ss~ eu<`r ro i i c;,~i_ <br />izr~ ins <br />6 <br />
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