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2. Minutes 11/21/08
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2. Minutes 11/21/08
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South Bend Kedc~~dopmcnt Commission <br />Rc~~ular :Vlccting N~~~cmbcr ? I . ?008 <br />6. l~E~~' BUSWESS (CO1~T.) <br />B. South Bend Ccutral De.°elopment Area <br />(1) continued... <br />locution are do~~~n slightly (about ?04~). <br />~'hilc cash floe' has impro~~ed it is still nut <br />positi~~e. Lcpecp has shared its income <br />statunents ~,~~ith us. on a confidential basis. so <br />that ~~c could confirm their operating <br />performance. <br />We bclie~~c Lepcep has been and continues to <br />be a ~<iluable retail establishment in the <br />downto~~~n, and that it can be a ~ iablc <br />business goin~a fiorward. How~e~~cr, gi~~en <br />their current operating situation. the}~ arc <br />requesting an additional amendment to their <br />Lease in order to lower rent for the nest vcar. <br />The proposal is to go from the first year lease <br />rate of S4.68 to 57.=9 per square trot ($?,000 <br />per month). Years three through ~ ~~~ould <br />remain at the current specified Icase rate of <br />S9.?? per square toot. We hu~~c discussed <br />this proposal with CB Richard Ellis our <br />property manager and thev ha~~e <br />rcconuncndcd we appro~~c this proposal, <br />especially in light of the current ccunom~ <br />and Icasina emironmcnt. <br />Staff recommends approving the proposal <br />cffecti~~c l~~rn~ember I. ?008 (the beginning <br />of the second lease vcar). This ~~~ill retain u <br />lone term tenant. a ~~aluable do~~~nto~~~n <br />business and enhance its ~iabilitr to remain <br />su. <br />Mr. Varner asked if staff had asked for a^ <br />extension of the Icase along kith the reduced <br />rcpt. It make; a lone term tenant u lom~cr <br />7 <br />
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