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South Bend Redevelopment Commission <br />Regular Meeting —April 1, 2005 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(1) continued... <br />Bend Central Development Area. (129 S. <br />Michigan St.) <br />Mr. Williams reported that Resolution <br />No. 2157 requests approval for the fair <br />market rent for retail space located at 129 S. <br />Michigan Street, formerly known as <br />S. Bender's. The fair market rent value is <br />based on the average of two independent <br />appraisals. The offering of said property is <br />$11.50 per square foot or $1,012 per month. <br />In addition to the amount of $1,012 per <br />month, there will be a common area expense <br />based on actual costs to be divided between <br />the entire Michigan Street Shops based on <br />square footage. <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2157 <br />approving the Fair Rental Value of retail <br />space in the South Bend Central <br />Development Area. (129 S. Michigan St.) <br />(2) Commission approval requested to publish <br />the Notice of Intended Lease of Property <br />in the South Bend Central Development <br />Area with publication dates of April 1, <br />2005 and April 8, 2005, and receipt of Bids <br />at 10:00 a.m. on May 6, 2005. (129 S. <br />Michigan St.) <br />Mr. Williams reported that Item 6.D.(2) is <br />related to the previously approved Resolution <br />No. 2157, and the property formerly known <br />as S. Bender's. Staff is requesting <br />C; 9 <br />COMMISSION APPROVED RESOLUTION NO. 2157 <br />APPROVING THE FAIR RENTAL VALUE OF RETAIL <br />SPACE IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (129 S. MICHIGAN ST.) <br />