2 Minutes 5/10/11 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting —May 10, 2011 6. NEW BUSINESS (CONT.) A. South Bend Central Development Area (7) continued... their lease as follows: Month (s) The greater of 10% This 10% of total sales will be considered rent and CAM. There will be no cap, thus while the property owner takes a risk on the low end, the business owner takes a risk on the high end. Imagine That! agrees that based on a 6 day week, they will work to achieve the following sales goals: - $200 per day or $4,800 per month by the end of the 1St six months of the lease term (This will cover the fixed cost of the CAM of 453.46 as the payments would reach $480) - $300 per daily or $7,200 per month by the end of the 2n six months of the lease term. (This will cover the fixed cost of the CAM of 453.46 as the payments would reach $720) Imagine That! Has the option to terminate the lease at any point with a written letter and 30 -day notice. The Commission would have the option to 16 of gross sales, or a minimum of- 1 $150 2 $200 3 $250 4 $300 5 $400 6 -12 $453.46 This 10% of total sales will be considered rent and CAM. There will be no cap, thus while the property owner takes a risk on the low end, the business owner takes a risk on the high end. Imagine That! agrees that based on a 6 day week, they will work to achieve the following sales goals: - $200 per day or $4,800 per month by the end of the 1St six months of the lease term (This will cover the fixed cost of the CAM of 453.46 as the payments would reach $480) - $300 per daily or $7,200 per month by the end of the 2n six months of the lease term. (This will cover the fixed cost of the CAM of 453.46 as the payments would reach $720) Imagine That! Has the option to terminate the lease at any point with a written letter and 30 -day notice. The Commission would have the option to 16