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South BE <br />Regular <br />6. NEw <br />M <br />e. <br />end Redevelopment <br />Commission <br />Meeting <br />- August 8, 1986 <br />BUSINESS <br />(Cont.) <br />Lap roval requested for Resolution <br />Comaiission <br />No. <br />781 approving the fair rental value of <br />ploEerty <br />in the South Bend Central Development <br />Area. <br />Kolata explained that there were four <br />Mrs. <br />storefront <br />retail spaces included in the <br />building <br />when the Commission purchased the <br />State <br />Theatre. Three of the storefronts were <br />occupied <br />and the fourth space was vacant. In <br />ord <br />r to rent the vacant property the <br />Connission <br />needs to establish what the fair <br />mar <br />et value is and also go through the public <br />bidding <br />process to make that space available <br />to anyone <br />that is interested. Resolution No. <br />781 <br />establishes the rental value of $4,200 per <br />year. <br />A one year lease would be available <br />with <br />the same terms and conditions that the <br />existing <br />tenants have on their lease. <br />The <br />staff is recommending that the storefront <br />be leased <br />to a retail business gearing towards <br />a speciality <br />store. The staff will base its <br />reccmendation <br />to the Commission of the <br />proposals <br />received on an appropriate use for <br />the <br />downtown area. <br />Upon <br />a motion made by Mr. Piasecki, seconded <br />by Mr. <br />Donoho and unanimously carried, the <br />Conuission <br />approved Resolution No. 781 <br />approving <br />the fair rental value of property in <br />the <br />South Bend Central Development Area. <br />Commission <br />authorization requested to publish <br />Notice <br />of Intended Rental of Property referred <br />to as <br />State Theater storefront in the South <br />Bend <br />Central Development Area with publication <br />dates <br />to be August 15, 1986 and August 22, <br />1986, <br />and receipt of bids to be at 10:00 a.m. <br />on September <br />2, 1986. <br />Kolata stated that the staff is asking <br />Mrs. <br />pe <br />'ssion to advertise on the legal notice <br />schedule <br />except the advertisement would be <br />placed <br />in the regular classified ads for <br />rental <br />of property. The staff will also <br />notify <br />individuals that have already expressed <br />an interest <br />in leasing the storefront. <br />-8- <br />i <br />COMMISSION APPROVED <br />RESOLUTION NO. 781 APPROVING <br />THE FAIR RENTAL VALUE OF <br />PROPERTY IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA <br />