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RM 04-25-80
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RM 04-25-80
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South end Redevelopment Commission <br />Regula Meeting - April 25, 1980 <br />7. PROGRESS REPORTS <br />c.l continued.... <br />Mr. Ellison: That is correct. <br />Ms. Derbeck: I understand, I just <br />wanted it to make sense. You told me <br />that fair market rent is only required <br />for political entities. <br />Mr. Niintz: That is correct. Wouldn't <br />you say that great and sufficient contact <br />has been made with possible renters <br />through the Downtown Council, Mr. Kagel? <br />Mr. Kagel: Yes. <br />Mr. Nimtz: We have tried everything <br />to get people interested in downtown. <br />Ms. Auburn made a motion that the Director <br />of the Department of Redevelopment be <br />given authorization to proclaim fair <br />market rentals based on the prior <br />appraisals and review to be $430.00 <br />for the House of Fabrics, $398.00 <br />for Lerners, and $540.00 for Lane <br />Bryant, also to authorize the Redevelop- <br />ment staff to solicit proposals from <br />any interested parties enabling the <br />Department of Redevelopment to receive <br />offers of not less than fair market <br />rentals, seconded by Mr. Cira, and the <br />motion was unanimously carried. <br />Mr. Cira: Are these rents based on per <br />square foot rates? <br />Mr. Ellison: Yes, but the charge per <br />square foot is not the same for each store. <br />Ms. Horton: I believe it is $1.05 for Lane <br />Bryant, $1.25 for House of Fabrics, and <br />$1.15 for Lerners. <br />Mr. Ellison: The appraisers looked at <br />each building independently, obviously <br />they used some of the same computations <br />but they described an economic rent for <br />each structure. <br />-37- <br />COPnMISSION APPROVAL <br />GIVEN TO DIRECTOR OF <br />REDEVELOPMENT TO PRO- <br />CLAIM FAIR MARKET <br />RENTALS ON PROPERTY <br />IN CENTURY MALL PROJECT <br />AREA (IND. R -66) <br />
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