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South Bend Redevelopment Commission <br />Regular Meeting - August 7, 1998 <br />the Century Center Project and Other Related <br />Matters." <br />d. Commission approval requested for <br />Resolution No. 1628 setting the Fair Re- <br />Use Value of Property in the South Bend <br />Central Development Area. (101 W. <br />Colfax) <br />Mrs. Kolata stated that the Michiana Arts and <br />Science Council previously occupied the <br />space at 101 W. Colfax Street. <br />Resolution No. 1628 sets the Re -Use Value <br />of the 1,630 sf. retail space at $7.40 per <br />square foot. She also stated that the Re -Use <br />Value is based on two appraisals of the <br />property. <br />Upon a motion by Ms. Schwartz, seconded <br />by Mr. Donoho and unanimously carried, the <br />Commission adopted Resolution <br />No. 1628 setting the Fair Re -Use Value of <br />the Property in the South Bend Central <br />Development Area. (101 W. Colfax) <br />e. Commission approval requested for Bid <br />Specifications and Design Guidelines for <br />property at 101 W. Colfax Street in the <br />South Bend Central Development Area. <br />(101 W. Colfax) <br />The retail space is located on the first floor of <br />the Palais Royale building. The retail space <br />is approximately thirty -seven feet wide by <br />forty -one feet deep. The proposed lease price <br />is $7.40 per square foot per annum on a net <br />basis in "as-is" condition. The tenant would <br />pay for interior maintenance, the utilities and <br />taxes. The lease term is three to five years <br />H: \WPDATA \C0MMSN\080798.MIN -16- <br />COMMISSION ADOPTED RESOLUTION NO. 1628 <br />SETTING THE FAIR RE -USE VALUE OF THE <br />PROPERTY IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (101 W. COLFAX) <br />