No. 2515 approving of and setting fair market rental rate of property located in SBCDA and authorizing advertising for bids to lease

Home Browse Search

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