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To: Redevelopment Commission <br />From: Staff — Debrah Jennings, Property Manager <br />Subject: Imagine That Lease <br />Date: May 24, 2011 <br />Attached is a draft lease for Imagine That, a new retailer in Downtown South Bend. <br />Imagine That originally was one of the pop -up holiday retailers. The intent for the holiday pop -up <br />shops was to generate permanent occupancy in the Redevelopment Retail vacant spaces. <br />Imagine That has agreed to a one -year lease with Redevelopment Commission. The terms are as <br />follows: <br />• Twelve (12) month lease term beginning June 1, 2011 and ending May 31, 2012 <br />• Base rent is the greater of 10% of gross sales or the minimum starting at $150.00 per month <br />and increasing $50.00 each month until month five (5). <br />• Months six (6) through twelve, Base Tent is the greater of 10% of gross sales or the minimum <br />monthly rent of $453.46. This schedule also includes Common Area Maintenance (CAM) <br />expenses. <br />• Imagine That is responsible for payment of all utilities. <br />• Lessee has the option to terminate lease at anytime with a thirty (30) day written notice. <br />Staff recommends approval. <br />HAWPDATA \correct memo.doc <br />