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Redevelopment Commission Meeting <br />IL Regular Meeting — July 16, 2004 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(4) continued... <br />Mr. Williams noted that two appraisals <br />were requested and received for the retail <br />space at the Wayne St. Parking Garage. A <br />review appraisal was done. The average of <br />the two appraisals is reflected in Resolution <br />No. 2071. The retail space is 3,666 sft. <br />The 1,788 sft at 117 E. Wayne (Lease <br />Space #1) will be offered at $8.125/sft; the <br />1,056 sft at 119 E. Wayne (Lease Pace #2) <br />will be offered at $8.375 /sft. Staff requests <br />approval of Resolution No. 2071. <br />Ms. Greene noted that her review of the <br />appraisals indicates that the reason for the <br />different values being given for the two <br />spaces is based on a variety of factors <br />including the size of each space, location <br />of each space (corner vs. not corner), and <br />proximity to the downtown. <br />Mr. Hunt noted that the larger space is <br />currently leased. He asked what that <br />tenant's lease rate was and if her rent will <br />go up. Mr. Williams indicated that he has <br />asked that she sign a new lease. She is <br />downsizing into a smaller space. <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Hunt and unanimously carried, the <br />Commission approved Resolution <br />No. 2071 approving the Fair Rental Value <br />of retail space in the South Bend Central <br />Development Area. (Wayne Street Retail) <br />10 <br />COMMISSION APPROVED RESOLUTION NO. 2071 <br />APPROVING THE FAIR RENTAL VALUE OF RETAIL <br />SPACE IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (WAYNE STREET RETAIL) <br />