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<° South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - March 31, 1994 <br />6. NEW BUSINESS (Cont.) <br />1. continued... <br />Lot 5 is a 2.36 acre vacant parcel at the <br />southwest corner of Ralph Jones Drive and <br />William Richardson Drive. In December <br />1992 the Commission set the Fair Market <br />Reuse Value of this parcel at $42,250. <br />The Interplan proposal was received on <br />March 3, 1994 and proposes a 20 -year lease <br />with an annual lease payment of $4,833.14. <br />The total sum of the lease payments is <br />$76,662.80. The present value of this <br />amount is equal to $42,250 (based on an <br />annual rate of 8 %) which is equal to the Fair <br />Market Reuse Value for the lot. Interplan's <br />proposal is for the construction of a 10,000 <br />+ sq. ft. building which will be leased to an <br />unnamed tenant from Grand Rapids, <br />Michigan. <br />A <br />The proposal from James and Linda Teske <br />(representing Apollo) was received by this <br />office on March 15, 1994. Apollo is a local <br />machine shop presently located on Western <br />Avenue which currently employs 12 people. <br />The company intends to expand its workforce <br />to 20 in the proposed building. Apollo has <br />offered a price of $43,000 for the property. <br />This amount is $750 over the Fair Market <br />Reuse Value of the parcel. The proposal is <br />to construct a 10,000 sq. ft. machine shop for <br />the company. The proposal forms are <br />complete and the required faithful <br />performance guaranty of $4,300.00 has been <br />submitted. <br />