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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />L Commission approval requested for <br />Policy on Leasing of Retail Space. <br />Mrs. Kolata stated that the Policy on <br />Leasing Retail Space is for the retail <br />space that is being constructed in the <br />parking garage, which is part of the <br />Leighton Plaza project in the South <br />Bend Central Development Area as <br />well as other retail space in the Wayne <br />Garage, Palais Royale and other <br />Redevelopment owned buildings. <br />There has been discussion in the past on <br />how we would handle situations where <br />an existing retail tenant has reached the <br />end of the lease and wants to enter into <br />a new lease. This Policy addresses that <br />situation. <br />The terms of the Policy on Leasing of <br />Retail Space are as follows: (1) When <br />leasing new retail space, the <br />Redevelopment Commission will go <br />through the full public bid process, <br />including appraisals by two appraisers. <br />(2) If a user of the retail space leaves <br />before the end of the lease term, the <br />Redevelopment Commission will go <br />through the full public bid process. <br />However, new appraisals will be <br />ordered only if the existing appraisals <br />are more than three years old. (3) If <br />the retail space is currently rented but <br />the lease is due to expire, the <br />Redevelopment Commission, through <br />its real estate agent, will negotiate with <br />the tenant to determine the tenant's <br />interest in entering into a new Lease. <br />-21- <br />