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South Bend Redevelopment Commission <br />Regular Meeting - September 5, 1997 <br />6. NEW BUSINESS (CONT.) <br />n. continued.... <br />for only two years which takes them to <br />October 11, 1998. The Commission <br />approved this two -year option last October. <br />They are now requesting that they be given <br />another three -year option period. Ms. <br />Kolata recommended giving Office Interiors <br />an additional two -year option instead of a <br />three -year option. This would cover the <br />period from October 1998 through October <br />2000 with a ten percent increase in the rent. <br />Upon a motion by Ms. Auburn, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved the Lease Proposal <br />from Office Interiors, Inc. for a two -year <br />option in the Palais Royale, subject to the <br />terms listed in the Lease Proposal. Ms. <br />Schwartz abstained. <br />o. Commission approval requested for a <br />Reversionary Interest document for <br />Dennis Reiner. <br />Ms. Kolata stated that the Commission <br />previously sold land to Dennis Reiner, <br />owner and developer of Midwest Machine <br />Products. Mr. Reiner is scheduled to close a <br />small- business - administration loan on <br />Monday and he is anxious to clear up the <br />title to the property he purchased from the <br />Commission. Although he received a <br />Certificate of Completion for the project, the <br />title company would like the Commission to <br />execute the Reversionary Interest document. <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\090597.MIN -26- <br />COMMISSION APPROVED THE LEASE PROPOSAL <br />FROM OFFICE INTERIORS, INC. FOR A TWO -YEAR <br />OPTION IN THE PALAIS ROYALE SUBJECT TO <br />THE TERMS LISTED IN THE LEASE PROPOSAL <br />MS. SCHWARTZ ABSTAINED <br />