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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –August 26, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. South Bend Central Development Area <br /> <br />(2) continued… <br /> <br />by a confirming resolution by the <br />Redevelopment Commission. A parallel <br />process would involve approval by the <br />Indiana Economic Development Commission <br />to expand the TIF allocation area. <br /> <br /> <br />(3) Certificate of Completion for Madison <br />Center. <br /> <br />I6.C.(3) <br />Item 6.C.(3) was tabled. <br />TEM WAS TABLED <br /> <br /> <br />(4) Letter of Intent to lease space at 121 S. <br />Michigan Street. <br /> <br />Ms. Jennings noted that Spark Fine <br />Stationary is a retail business selling <br />stationary gifts and related items. They are <br />currently located on Hill Street. The lease <br />will run three years commencing <br />September 1, 2009 with the option to renew <br />for two additional three year terms. The rent <br />in the first year will be $11.26 per square <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 /> <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 /> 16 <br /> <br />