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No. 2515 approving of and setting fair market rental rate of property located in SBCDA and authorizing advertising for bids to lease
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No. 2515 approving of and setting fair market rental rate of property located in SBCDA and authorizing advertising for bids to lease
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iRESOLUTION NO. 2515 <br />A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION <br />APPROVING OF AND SETTING THE FAIR MARKET <br />RENTAL RATE OF PROPERTY LOCATED IN THE <br />SOUTH BEND CENTRAL DEVELOPMENT AREA <br />AND AUTHORIZING ADVERTISING FOR BIDS TO LEASE <br />WHEREAS, under the authority granted by Indiana Code § 36 -7 -14, et seq. and <br />in furtherance of the South Bend Central Development Area Plan (the "Plan "), the South <br />Bend Redevelopment Commission (the "Commission ") has determined that it is <br />necessary to establish a fair market rental rate of certain property located within the area <br />heretofore designated as the South Bend Central Development Area (the "Area ") within <br />the City of South Bend, Indiana (the "City "), which property is more particularly <br />described at Exhibit A attached hereto and incorporated herein and more commonly <br />known as the Redevelopment Retail Properties (the "Property "); and <br />WHEREAS, two (2) independent appraisals of the Property have been obtained <br />in accordance with Indiana Code § 36- 7- 14- 22(b), which provide a fair market rental <br />rate of $11.50 per square foot per month (the "Rental Rate "); and <br />WHEREAS, the Commission now desires to authorize its authorized agents, <br />hired for such purposes, or the staff of the Commission to advertise for bids offering to <br />lease the Property in accordance with Indiana Code § 36 -7- 14-22; and <br />WHEREAS, the Commission finds that all procedures necessary for leasing the <br />Property have been completed in accordance with Indiana law; <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend <br />Redevelopment Commission that: <br />1. The Commission hereby approves and establishes a fair market rental rate <br />for the Property of $11.50 per square foot per month. <br />2. Authorized agents of the Commission and the staff of the Commission are <br />hereby authorized and directed to cause a notice advertising for bids offering to lease the <br />Property described at Exhibit A in accordance with Indiana Code § 36 -7- 14-22, to be <br />opened at a regular meeting of the Commission on December 5, 2008, at 10:00 a.m. or as <br />soon thereafter as the regular agenda of the Commission shall allow. <br />3. Don Inks or Jeff Gibney is authorized to execute on behalf of the <br />Commission any documents necessary to carry out the intent of this resolution. <br />• <br />
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