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South Bend Redevelopment Commission <br />Regular Meeting - June 4, 1993 <br />6. NEW BUSINESS (Cont.) <br />c. continued... <br />Mrs. Kolata noted that items 6.c., 6.d., <br />and 6.e. are related to preparing the <br />Shoppers and Transpo lots for sale. We <br />offered the Shoppers Lot for sale a number <br />of years ago, setting a price at that time. <br />We are currently discussing its sale, along <br />with the Transpo lot, with a couple of <br />developers and thought the appraisal <br />should be updated and a Fair Reuse Value <br />established for that as well as the Transpo <br />Lot. She noted that we don't own the <br />Transpo lot, but have an agreement with <br />Transpo that if we get a certain size <br />development they will move. The <br />minimum offering price for the combined <br />site, including the right -of -way between <br />them, is $405,000 for the 91,101 square <br />foot parcel. <br />Mrs. Kolata noted that, in the bid <br />specifications, we convert that price to <br />$4.45 per square foot so that someone <br />could bid on less than the full site. <br />However, the bid specifications indicate <br />that if that option is used, the remaining <br />land must be a usable sized piece. The <br />bid specifications also include a <br />requirement that a minimum of 60,000 <br />square feet of office space must be <br />constructed on the site in at least three <br />stories. They must make full use of the <br />site. If the development is to be phased, <br />site plans and schedule for each phase <br />must be submitted. <br />Mrs. Kolata noted that the bid <br />specifications include design considerations <br />