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South Bend Redevelopment Commission <br />Regular Meeting -April 3, 2009 <br />6. NEW BUSINESS <br />A. South Bend Central Development Area <br />(1) Third Amendment to Lease for 127 <br />Michigan St. (LePeep Restaurant) <br />Ms. Jennings noted that LePeep of South <br />Bend, Inc. has executed its Third <br />Amendment to Lease with the <br />Redevelopment Commission. The lease <br />officially began November 1, 2008 and will <br />terminate October 31, 2012. The base rent is <br />$2,000 per month until October 3 I , 2009. <br />Effective November 1, 2009 the tenant space <br />rent will increase to $2,500 per month until <br />the expiration of the lease term, October 31, <br />2012. In addition, LePeep will pay 6% of <br />gross revenue that exceeds $6,000. These are <br />the same teens that the Commission <br />approved previously. <br />Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE THIRD <br />MS. King and Unan1r710US1y Carl-led, the AMENDMENT TO LEASE FOR ~?~ IVIIC'HIGAN ST. <br />Comrnrssron apps-OVed the Tlllrd Amendment (LEPEEP RESTAURANT) <br />to Lease for 127 Michigan St. (LePeep <br />Restaurant) <br />(2) Commercial Property Management and <br />Leasing Agreement for Redevelopment <br />Retail (2009-2010) <br />Ms. Jennings noted that CB Richard Ellis <br />was awarded the bid for management of <br />Redevelopment retail properties. An <br />agreement began February 1, 2009 and <br />terminates January 1, 2010. CB Richard <br />Ellis" compensation for management of the <br />properties is as follows: 117 E. Wayne St., <br />$200 per month or 5% of the gross revenues, <br />whichever is greater; 1 18-131 S. Michigan <br />St. is $625 per month or $5% of the gross <br />