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South Bend Redevelopment Commission <br />Regular Meeting - December 3, 1993 <br />3. APPROVAL OF CLAIMS (Cont.) <br />Upon a motion by Mr. Donoho, seconded by Mr. <br />Sharp and unanimously carried, the Commission <br />approved the Claims submitted December 3, <br />1993. <br />4. COMMMCATIONS <br />There were no Communications. <br />5. OLD BUSINESS <br />There was no Old Business. <br />6. NEW BUSINESS <br />a. Receipt of bids on Palais Royale retail space <br />in the South Bend Central Development <br />Area. <br />Mrs. Kolata noted that there was one bid <br />received by 10:00 a.m. today. Michiana <br />Arts and Sciences Council proposes to rent <br />the 1730 square foot space along Colfax <br />Avenue, just west of Office Interiors. Our <br />minimum offering price was $11.10 per <br />square foot on a net basis. They propose to <br />move their office space from Century Center <br />to this location. They are asking for a seven <br />year lease with monthly payments to start at <br />$600 per month, increasing about 2 % per <br />year through year seven at which time the <br />rent would be $675.69 per month. MASC <br />proposes to pay 50% of the cost of rehabbing <br />the space, not to exceed $20,000. <br />Mrs. Kolata noted that the Board of Public <br />Works currently has the improvements to this <br />space out for bid. Bids are due on <br />December 6. <br />-4- <br />COMMISSION APPROVED CLAIMS <br />SUBMITTED DECEMBER 3, 1993 <br />THERE WERE NO COMMUNICATIONS <br />THERE WAS NO OLD BUSINESS <br />