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S R c ~~ <br />To: Redevelopment Commission <br />From: Staff- Debrah Jennings, Property Manager <br />Subject: Draft Lease for Bruno's, 121 S. Michigan St. <br />Date: September 3, 2010 <br />Staff reported on August 6, 2010 a proposal from Bruno's Pizza to lease 131 S. Michigan St. <br />A draft of the Lease Agreement has been completed. The final agreement will be signed upon <br />approval by Bruno's Pizza and their Legal advisor. <br />As stated previously, the term is three (3) years, two (2) months, beginning with two months rent <br />abatement. Tenant is responsible for permanent improvements to the space. The monthly rent which <br />also includes CAM charges is $1,200.00 the first year, $1,300.00 the second year, and $1,400.00 the <br />third year. The tenant also has the option to request a lease extension after the initial term. <br />Staff is recommending approval. <br />H: W'PDATA correct memo.doc <br />