Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(2) Policy to Waive Lease Term for Vacating <br />Tenants. <br />Occasionally a tenant in the Michigan Street <br />Shops or Wayne Street Retail space will <br />move out before the term of their lease has <br />expired. Under certain conditions it may be <br />appropriate to release the tenant from the <br />terms of the lease. <br />When an early voluntary move -out occurs, <br />the Commission has the right under the lease <br />to collect rent for the space until the term <br />expires or until the space is leased to another <br />party, whichever occurs first. <br />Voluntary move -outs in Commission owned <br />retail spaces have occurred primarily due to <br />tenants acknowledging their business cannot <br />be sustained. In lieu of incurring further debt <br />and falling behind on rent, some tenants have <br />taken the proactive step of working with the <br />Commission to vacate the space before their <br />lease term has expired. <br />While the Policy to Waive Lease Term for <br />Vacating Tenants is more specific than this <br />explanation, the conditions required to <br />release a tenant from the original lease term <br />would ensure the tenant has paid all rent and <br />any other expenses due, and is not relocating <br />to another store front. <br />Recently, the city has seen more <br />experimentation with its downtown retail <br />space such as the Pop Up Shops. It's seen <br />other unique businesses occupy the retail <br />space. The downtown has had a yoga <br />12 <br />