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South Bend Redevelopment Commission <br />Regular Meeting —May 10, 2011 <br />6. NEW BUSINESS (CANT.) <br />A. South Bend Central Development Area <br />(7) continued... <br />terminate the lease with a written letter and <br />30 -day notice if- <br />- Imagine That! falls short of their sales goals <br />for an extended period of time, or <br />- The broker is able to first fill at least one of <br />the two larger available spaces (121 or 123 S. <br />Michigan) and then is able to produce a <br />tenant for 117 S. Michigan who has signed a <br />2 -year lease at a rate higher than the Imagine <br />That! Agreement and put a deposit down. <br />At the end of the 12 month term, Imagine <br />That! will have the option to continue their <br />lease term at terms no less than the terms for <br />the lease for 131 S. Michigan Street' for a <br />period of one year. <br />Staff seeks approval from the Redevelopment <br />Commission to work through the details of a <br />12 -month lease based upon the above <br />proposal. <br />Mr. Varner asked whether their rent per <br />square foot was going to be cheaper than <br />what other shops are paying on Michigan <br />Street. Ms. Nicholl -Smith responded that it <br />will. However, she believes the presence of <br />retail helps other retail She did speak with <br />Bombay International and their response was <br />to do what it takes to get Imagine That! in. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />17 <br />COMMISSION APPROVED LEASE PROPOSAL FOR <br />IMAGINE THAT (HOLIDAY POP -UP PROGRAM <br />PARTICIPANT). <br />