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<br />The preliminary cost estimate for both skywalks was approximately $67,000. That <br />. includes structural changes necessary to both buildings. Neither building can <br />support the skywalk without structural changes. <br />The plans -and specifications for the skywalks will be ready in a couple of <br />weeks. The Authority will need to approve them before the Board of Public Works <br />can bid them out. We will hold another Special Meeting to take care of that <br />business. We hope that they can be completed by the end of the year. <br />Mrs. Kolata reported on the status of the retail space fronting on Wayne <br />Street. It will be left unfinished until tenants indicate their interest in <br />leasing the space. The budget for the garage allowed $150,000 for finishing the <br />retail space and preliminary cost estimates have come in at around $110,000. <br />The Redevelopment Commission will be offering it for lease in about one week. <br />They will offer it at aminimum per square foot price and receive proposals for <br />all or a portion of the space. <br />• <br />The minimum rental rate for the retail space has-not been determined yet. It <br />could effect the tax exempt status of the garage because the retail space is <br />considered an unrelated use to the parking garage and a private user will <br />benefit. It could be tax exempt if we do not collect in rent more than 5~ of <br />either the principal or the interest on the bond for the life of the bond. <br />Market rent will put it, over the life of the bond, at at least 10~. Or, if we <br />spend less than 5~ of the proceeds of the bond on that space, then the bond is <br />still tax exempt. The $1.10,000 for finishing the space, the cost of the glass <br />on the front and the structural portion of the .garage used for the retail space <br />must all be considered in that calculation. We will-work to make sure that the <br />tax-exempt status of the-bonds is not jeopardized. <br />3. Other <br />There was no other business. <br />4. Adjournment <br />There being no further business to come before the Authority, Mr. Wroblewski <br />made a motion that the meeting be adjourned. Mr. Davey seconded the motion and <br />the meeting was adjourned at 9:00 a.m. <br />Jos ph W blewski, Vice President <br />~- <br />Ann Kolata, Director <br /> <br />