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 /> (5) continued... <br /> Letter of Intent (LOI)to lease the former <br /> State Cafe space located at 117 Wayne St. <br /> Vesuvio's Pizza has been operating in the <br /> downtown South Bend area for over five <br /> years. Because, its current location is going <br /> through some major renovations it is being <br /> forced to find a new location. Its owners <br /> have viewed 117 Wayne St. and are <br /> interested in leasing the space for a term of <br /> three years beginning August 1, 2011. They <br /> are offering to pay a base rent of$18,000 <br /> annually or $1,500 monthly in year one. The <br /> annual rent for year two will be $21,000 or <br /> $1,750 monthly. The annual rent for year <br /> three will be $24,000 annually or $2,000 <br /> monthly. The tenant will be responsible for <br /> payment of all utilities and interior <br /> maintenance. Although, a Letter of Intent <br /> was submitted, the final lease agreement is <br /> pending a background check on Vesuvio's <br /> Pizza. <br /> Staff recommended approval of the Letter of <br /> Intent. <br /> Ms. Jones questioned whether there is CAM <br /> in this agreement? Ms. Jennings replied that <br /> there is not because there is not a common <br /> area. The city will shovel the sidewalk but <br /> they take care of all other maintenance <br /> issues. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED THE LETTER OF INTENT <br /> Mr. Downes and unanimously carried, the To LEASE RETAIL SPACE AT 117 E.WAYNE <br /> Commission approved the Letter of Intent to STREET(IN WAYNE STREET GARAGE)TO <br /> VEsuvio'S PIZZA. <br /> 20 <br />