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South Bend Redevelopment Commission <br />Regular Meeting -July 07, 2000 <br />6. NEW BUSINESS (CONT.) <br />o. continued... <br />downtown businesses. <br />Mr. Newerth from CB Richard Ellis, introduced <br />Mr. Buchanan and Mr. Townsend, who <br />represented Precise Audio. Mr. Hunt asked what <br />the timeframe of the opening would be. Mr. <br />Buchanan stated that upon approval from the <br />Commission, they were looking at opening in 2 <br />to 3 weeks. He noted that they wanted to <br />remodel the building to give it a more up scale <br />look. <br />Mr. Kahn ask about Voice Stream, a service that <br />Precise Audio will be providing. Mr. Townsend <br />noted that it was a new company that will offer <br />cheaper rates, more features for your phone and <br />personal use. Mr. Buchanan added that Voice <br />Stream was only new in this area and that they <br />own 30% of the market share of the cell phones <br />in America. <br />Ms. Jones asked what the year -to -date sales were. <br />Mr. Buchanan stated that their year -to -date sales <br />were approximately $45,000. They anticipate an <br />increase in sales to $100,000 to $125,000 the first <br />year. <br />Upon a motion by Mr. Caldwell, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved the lease of property in <br />the South Bend Central Development Area. <br />(Michigan St. Shops, Retail Space 42, Precise <br />Audio) <br />p. Commission approval requested for <br />disposition of property in the South Bend <br />Central Development Area. (Parcels M -19, 5 <br />& 6 to River of Life Family Church) <br />-11- <br />COMMISSION APPROVED THE LEASE OF <br />PROPERTY IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA (MICHIGAN STREET <br />SHOPS, RETAIL SPACE #2, PRECISE AUDIO) <br />