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04-11-08 Redevelopment Commission Minutes
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04-11-08 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Special Meeting -April 11, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Northeast Neighborhood Development Area <br />(1) Commission approval requested for <br />Resolution No. 2448 approving the Fair <br />Market Value of Property in the Northeast <br />Neighborhood Development Area. (Eddy <br />Street Commons Parking Garage <br />property) <br />Ms. Laurent noted that at the March 29 <br />meeting the Commission approved Bid <br />Specifications for the disposition of a to-be- <br />constructed parking garage related to the <br />Eddy Street Commons mixed use <br />development in the Northeast Neighborhood <br />Development Area. At that time we had not <br />received determination of Fair Market Lease <br />Rental Value from two appraisers to set the <br />offering price for the property. Those <br />appraisals have been received and the <br />average of the two appraisals is an annual <br />lease rate of $742,500. That number <br />becomes part of the Bid Specifications. Ms. <br />Laurent noted that the publication of the <br />Notice of Intended Disposition of Property <br />has been pushed back to April 11 and <br />April 18 with Receipt of Bids at 10:00 a.m., <br />on May 2, 2008. <br />Mr. Peczkowski asked the term of the lease. <br />Mr. Inks responded that the lease would run <br />25 years. <br />Mr. Peczkowski asked who will receive the <br />funds paid from the lease. Mr. Inks <br />responded that the Commission would <br />receive any lease payment that is received. <br />Mr. Peczkowski asked who owns the <br />property. Ms. Laurent responded that the <br />
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