HomeMy WebLinkAboutNo. 1381 approving the fair rental value of retail space in the SBCDA (Palais Royale retail space)RESOLUTION NO. 1381
RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING THE FAIR RENTAL VALUE OF
RETAIL SPACE IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA
WHEREAS, the retail space listed on the attached Exhibit "A" has been
appraised by qualified, independent, professional real estate appraisers and a written and
signed copy of the appraisals is contained in the Commission files; and
WHEREAS, each such appraisal has been reviewed by qualified
Redevelopment staff and no corrections, revisions, or additions were requested by such
review; and
WHEREAS, the reviewer has prepared a written report which indicates that
the appraisals are complete and consistent in the factual data contained therein, comply with
existing statutory and regulatory requirements and are acceptable for the determination of fair
rental value.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission, Governing body of the City of South Bend Department of Redevelopment, that
based upon such appraisals and the review thereof, the fair rental value for the lease of the
retail space listed in Exhibit "A ", attached hereto and made a part hereof, is established as
shown thereon and all documentation related to such determination is contained in the
Commission files.
Adopted at the Regular Meeting of the South Bend Redevelopment Commission held on the
20th day of October, 1995, in Room 1308 County -City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
ATTEST:
Robert Hunt, Secretary
SOUTH BEND REDEVELOPMENT COMMISSION
te�, 9M, President
Exhibit "A"
Proposal to Rent Property
Owned by the Redevelopment Commission
South Bend, Indiana
Property Address
Palais Royale retail space
Offering Sheet
Approximate Size
1,721 s.f. (net)
1,810 s.f. (gross)
Price
$9.00 /s.f.
tenant pays utilities,
insurance, interior
maintenance, and
taxes