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South B�nd Redevelopment Commission <br />Regular Meeting April 25, 1980 <br />7. PROGRESS REPORTS (continued) <br />c. IMr. Ellison continues... <br />information the staff has had <br />economic rental appraisals made on <br />three properties, The House of Fabrics, <br />Lerners, and Lane Bryant. The reason <br />the staff sought economic rent appraisals <br />on these three properties and have called <br />them to the Commission's attention, is <br />that we have not yet had any indication of <br />interest from retailers for any of these <br />three properties. We have simply seen <br />no interest in them at all despite the <br />public acknowledgement of the possibility <br />of $1.00 leases. The fair market rent <br />for The House of Fabrics would be $430.00 <br />per month, for Lerner's it would be $398.00 <br />per month and Lane Bryant would be $540.00 <br />per month. What the staff would like the <br />Commission to do to move this matter along <br />further, is to go through a solicitation <br />process to try to determine whether there <br />is interest from other political parties <br />in leasing all these properties in which <br />we indicate that the minimum offer is the <br />amount of the fair market value. I don't <br />know exactly off hand what the figures come <br />out to per square foot but the figures <br />are simply a calculation of the appraised <br />cost per square foot times the amount <br />of first floor space available in the <br />facility. We would like Commission author- <br />ization to go through a solicitation <br />process so that we might determine <br />whether there are additional offers <br />to be made on these properties so <br />that we can settle the Brademas matter. <br />I checked the previous minutes, there <br />was some indication of a desire to <br />serve parties on a first come, first <br />served basis. We have had <br />the letter from Brademas' organization <br />for some time and I think the staff's <br />interest is merely to try to settle <br />it in one way or another. Having <br />settled the potential problems with <br />HUD from the standpoint of its legality <br />and the process to be followed, we would <br />like Commission authorization to go through <br />a solicitation process and would like the <br />Commission to see if we can determine, by <br />our next meeting, whether we can receive <br />-34- <br />