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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />d. Commission approval requested for <br />Resolution No. 1608 approving the <br />Fair Re -Use Value of property in the <br />South Bend Central Development <br />Area. <br />Mrs. Kolata stated that this resolution is <br />for retail space that is to be constructed <br />in the parking garage, which is part of <br />the Leighton Plaza project. There is <br />approximately 11,526 sf of retail space <br />that will be located along Michigan <br />Street. The proposed re -use is for <br />retail /commercial. The intent is to have <br />retail users occupy the space. The re- <br />use valuation is $10.50 /sf. The bidder <br />can submit a bid for all or a portion of <br />the space. The retail space can be <br />constructed into eight storefronts, but <br />users could construct storefronts that <br />have larger square footages than the <br />eight storefronts would have. There is a <br />required minimum three -year lease term <br />relative to the retail space. <br />Mr. Hunt asked if there have been any <br />inquiries relative to the retail space. <br />Mrs. Kolata stated that there has been <br />one serious inquiry relative to the retail <br />space. <br />Upon a motion by Ms. Schwartz, <br />seconded by Mr. Blake, the <br />Commission adopted Resolution <br />No. 1608 approving the Fair Re -Use <br />Value of property in the South Bend <br />Central Development Area. <br />-20- <br />COMMISSION ADOPTED RESOLUTION NO. 1608 <br />APPROVING THE FAIR RE -USE VALUE OF <br />PROPERTY IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. <br />