Laserfiche WebLink
To: Redevelopment Commission <br />From: Staff — Debrah Jennings, Property Manager <br />Subject: LePeep of South Bend <br />Date: May 10, 2011 <br />LePeep, a retail in Downtown South Bend is buying out their business partner and seeking a loan and <br />Security Agreement from 1st Source Bank. <br />Because, the South Bend Redevelopment Commission is the owner and Lease Holder of the property <br />located at 127 S. Michigan Street, 1st Source Bank requires Redevelopment Commission's consent <br />and signature on the Assignment of Lease by Lessee and Disclaimer and Waiver of Interest in Real <br />Estate. <br />Also, attached is LePeep's 0h Amendment of their lease. The existing lease is not officially expiring <br />until October 31, 2012. However, as part of the partner buy -out a five (5) year lease must be <br />executed. <br />LePeep's 4th Lease Amendment Lease term begins June 1, 2011 with an annual base rent of <br />$24,000.00 and ends October 31, 2017 with annual base rent of $3,000.00. <br />Staff recommends approval <br />HAWPDATA \correct memo.doc <br />