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11-21-08 Redevelopment Commission Minutes
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11-21-08 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting -November 21, 2008 <br />5. OLD BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(2) continued... <br />He suggested Ms. Laurent get an updated <br />proposal that contains only the items the <br />Commission is approving. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved the revised proposal <br />with The Troyer Group for a fee of $21,000 <br />plus reimbursables, subject to legal review. <br />6. NEW BUSINESS <br />A. Tax Abatements <br />There were no Tax Abatements <br />B. South Bend Central Development Area <br />(1) Lease proposal for 127 S. Michigan Street. <br />(LePeeps Restaurant, Michigan St. Shops) <br />Mr. Inks noted that in November of 2007 the <br />Redevelopment Commission took action to <br />amend LePeep's Lease. The Lease was <br />amended to reflect a renewal for 5 years, and <br />provided for a reduced lease rate in the first <br />year of $4.68 per square foot ($1,250 per <br />month). The second through fifth years had a <br />lease rate of $9.37 per square foot ($2,500 <br />per month). <br />Since that time, LePeep has closed its <br />Mishawaka location to improve its overall <br />cash flow. At the same time, LePeep has <br />seen rising food and energy costs at its <br />downtown location. Sales at the downtown <br />COMMISSION APPROVED THE REVISED PROPOSAL <br />WITH THE TROYER GROUP FOR A FEE OF $21,000 <br />PLUS REIMBURSABLES, SUBJECT TO LEGAL <br />REVIEW <br />6 <br />
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