HomeMy WebLinkAboutNo. 2515 approving of and setting fair market rental rate of property located in SBCDA and authorizing advertising for bids to leaseiRESOLUTION NO. 2515
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
APPROVING OF AND SETTING THE FAIR MARKET
RENTAL RATE OF PROPERTY LOCATED IN THE
SOUTH BEND CENTRAL DEVELOPMENT AREA
AND AUTHORIZING ADVERTISING FOR BIDS TO LEASE
WHEREAS, under the authority granted by Indiana Code § 36 -7 -14, et seq. and
in furtherance of the South Bend Central Development Area Plan (the "Plan "), the South
Bend Redevelopment Commission (the "Commission ") has determined that it is
necessary to establish a fair market rental rate of certain property located within the area
heretofore designated as the South Bend Central Development Area (the "Area ") within
the City of South Bend, Indiana (the "City "), which property is more particularly
described at Exhibit A attached hereto and incorporated herein and more commonly
known as the Redevelopment Retail Properties (the "Property "); and
WHEREAS, two (2) independent appraisals of the Property have been obtained
in accordance with Indiana Code § 36- 7- 14- 22(b), which provide a fair market rental
rate of $11.50 per square foot per month (the "Rental Rate "); and
WHEREAS, the Commission now desires to authorize its authorized agents,
hired for such purposes, or the staff of the Commission to advertise for bids offering to
lease the Property in accordance with Indiana Code § 36 -7- 14-22; and
WHEREAS, the Commission finds that all procedures necessary for leasing the
Property have been completed in accordance with Indiana law;
NOW, THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Commission that:
1. The Commission hereby approves and establishes a fair market rental rate
for the Property of $11.50 per square foot per month.
2. Authorized agents of the Commission and the staff of the Commission are
hereby authorized and directed to cause a notice advertising for bids offering to lease the
Property described at Exhibit A in accordance with Indiana Code § 36 -7- 14-22, to be
opened at a regular meeting of the Commission on December 5, 2008, at 10:00 a.m. or as
soon thereafter as the regular agenda of the Commission shall allow.
3. Don Inks or Jeff Gibney is authorized to execute on behalf of the
Commission any documents necessary to carry out the intent of this resolution.
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ADOPTED at a Regular Meeting of the South Bend Redevelopment
Commission held on October 17, 2008, at 1308 County -City Building, 227 West
Jefferson Boulevard, South Bend, Indiana 46601.
ATTEST*
regory S. Downes, Vice President
Printed Name and 7 We
South Bend Redevelopment Commission
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
1
Signature
Marcia I. Jones, resident
Printed Name an Tit e
South Bend Redevelopment Commission
EXHIBIT A
DESCRIPTION OF PROPERTY. The Redevelopment Retail Properties are all located
in South Bend, Indiana, and described as follows:
• 117 East Wayne Street — Wayne Street Garage Retail
• 118 -131 South Michigan Street — Leighton Plaza Garage Retail
• 130 South Main Street — Leighton Plaza Courtyard
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