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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -August 26, 2009 <br />foot, increasing in years two and three to <br />$12.26/sft and $13.26/sft respectively. The <br />total square footage of the space is 1,423. <br />Rent will commence 90 days after Tenant is <br />granted possession. The maximum increase <br />on rent for the two three-year options will be <br />$1.00/sft. Spark Fine Stationary is <br />responsible for the tenant build-out and will <br />pay a common area maintenance fee in <br />addition to the rent. <br />Ms. Jones asked if these rents are consistent <br />with the rent charged to other tenants in the <br />Michigan Street Shops. Mr. Inks responded <br />that they are not. These rents reflect the <br />economy we are in today. This space has <br />been on the market for a year. This lease will <br />fill the Michigan Street Shops. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved the Letter of Intent to <br />lease space at 121 S. Michigan St. <br />D. Airport Economic Development Area <br />(1) Agreement Regarding Real Estate <br />(Transpo Operations/Administration <br />Maintenance Facility) <br />Ms. Kolata noted that this is an amendment <br />to the Commission's agreement with Transpo <br />related to the sale of land in the Airporrt <br />Economic Development Area. It is a <br />clarification of responsibilities that we <br />already have. It restates that the Commission <br />will be responsible for any environmental <br />conditions that are present at the site. In the <br />review of some of Transpo's documents with <br />the Federal Transportation Administration, <br />they wanted this clarified. We believe the <br />language in this document satisfies the FTA. <br />COMMISSION APPROVED "I"HE LETTER OF INTENT <br />TO LEASE SPACE AT 121 S. MICHIGAN ST. <br />15 <br />