Laserfiche WebLink
D�SOU'i iH /Belo <br />Department of <br />u <br />Community Investment <br />1865 <br />Memorandum <br />June 13, 2013 <br />TO: South Bend Redevelopment Commission <br />FROM: David Relos, Economic Resources � ' <br />SUBJECT: Gates Automotive Corp. Early Termination of Lease Agreement <br />410 W. Wayne <br />As part of the January 2012 final acquisition of the downtown Gates Campus properties, <br />the Commission assumed two leases. <br />The first lease is for the Gates Service Center located at 410 W. Wayne, with the <br />second lease being for the Gates Used Car Lot at 205 W. Western. <br />Both leases were for an initial five year term, expiring July 31, 2013. Both leases grant <br />the Lessee an option for three, two year renewals. <br />On March 28th of this year, Gates gave notice of their intent to renew both leases. <br />Also part of these leases is a clause that grants the Lessee early termination upon 90 <br />days written notice. On May 20th, written notice was received of the early termination of <br />the Gates Service Center lease, which will terminate on August 31, 2013. <br />227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 1 P: 574 - 235 -9371 1 FAX: 574- 235 -9021 1 SOUTHBENDIN.GOV <br />