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South Bend Redevelopment Commission <br />Regular Meeting - November 5, 1999 <br />6. NEW BUSINESS (CONT.) <br />r. continued... <br />The intent is to offer the property for lease <br />with a ten -year lease term. The use will be <br />for storage /retail and the minimum lease <br />amount is $105,625 a year. The lease will <br />require the "Lessee" to invest approximately <br />$435,000 in the exterior of the building and <br />make site and building improvements which <br />are being designed by Ken Herceg and <br />Associates. The "Lessee" will also be <br />required to show proof of funding for the <br />required improvements. The "Lessee" will <br />also be responsible for all operating and <br />maintenance costs. The "Lessee" will have <br />to do any interior rehab necessary to bring <br />the building up to code. The "Lessee" will <br />not receive relocation assistance from the <br />South Bend Redevelopment Commission or <br />City of South Bend. <br />Upon a motion by Ms. Jones, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission adopted Resolution No. 1715 <br />Setting the Fair Re -Use Value of property in <br />the Sample -Ewing Development Area. (414 <br />W. Sample) <br />S. Commission approval requested to <br />publish the Notice of Intended Lease of <br />Property in the Sample -Ewing <br />Development Area with publication dates <br />of November 12 and November 19,1999, <br />and receipt of Bids at 10:00 a.m. on <br />December 3,1999. (414 W. Sample) <br />-21- <br />COMMISSION ADOPTED RESOLUTION NO. 1715 <br />SETTING THE FAIR RE -USE VALUE OF PROPERTY <br />IN THE SAMPLE -EWING DEVELOPMENT AREA. (414 <br />W. SAMPLE) <br />