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• r a n • U M i n!,n <br />Community & Economic Development <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: City of South Bend Redevelopment Commission <br />From: Debrah Jennings -CED Staff (� . <br />Subject: Intent to Lease 123 S. Michigan <br />Date: August 16, 2012 <br />Gordon Ventures, LLC has submitted a proposal to lease space in the South Bend Redevelopment <br />Retail Area. <br />A national retail franchise known as Edible Arrangements intends to rent 123 S. Michigan St with <br />the following terms. <br />• Lease Term five (5) years, with the option of three — five year lease renewals; <br />• Initial rent is $7.50 per sq. ft., totaling $11,475. per year, and increasing 3% annually; <br />• Common Area Maintenance (CAM) and property tax will be billed at $5.61 per sq. ft. <br />totaling $8,583.30 per year; <br />• Tenant will take possession of space in "as is condition "; <br />• Owner will allow tenant to place a construction dumpster in front of leased premises for no <br />more than two (2) days; <br />• Owner will provide six (6) parking permits for Leighton Parking garage at a reduced rate of <br />$30.00 each per month. <br />Edible Arrangements is a National Franchise that produces floral shaped and sculpted fruit <br />arrangements dipped in assorted flavors and toppings. Because they are a franchise they will require <br />acceptance of this agreement from their corporate headquarter upon approval from the <br />Redevelopment Commission. Therefore, please find attached a draft of the proposed lease <br />agreement subject to legal review. The proposed lease agreement has been sent to the prospective <br />tenant, but we have not received their review comments back yet. <br />Upon approval of this agreement, Redevelopment Retail will once again become 100% occupied. <br />Staff recommends approval. <br />Document2 What We Do Today Makes A DhTeremw 1 <br />