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South Bend Redevelopment Commission <br />Regular Meeting -- November 16, 2001 <br />6. NEW BUSINESS (CONT.) <br />C. South Bend Central Development Area <br />(2) Continued... <br />estimate. The net rentable area is 2,844 sft. <br />The Fair Rental Value of the space, as <br />approved by the Redevelopment <br />Commission, is $7.65 per square foot on a <br />net basis. The tenant will have responsibility <br />for separately metered utilities, interior <br />maintenance and taxes. The Lease Term is <br />three years, and includes two consecutive <br />options to renew, each for one additional <br />year. The property will be available January <br />4, 2001. A description of the property is <br />attached. <br />Returning to Exhibit "A " of Resolution No. <br />1853, which was just approved. <br />Ms. Greene noted that the Fair Rental Value <br />is mentioned in the review of appraisals, and <br />is also captured in the Bid Specifications, <br />but is not noted in Exhibit "A" of Resolution <br />No. 1853. This information needs to be <br />added, because the purpose of the <br />Resolution is to approve the Fair Rental <br />Value. <br />Mr. Hunt asked if that change could be made <br />or if the item should be tabled. <br />Ms. Greene recommended that the <br />Commission move to amend Resolution <br />No. 1853 to correct Exhibit "A" by adding <br />the Fair Rental Value of $7.65 per sft. <br />Cel <br />