HomeMy WebLinkAbout6.B.(7) Resolution No. 2515~- ~3 ( ~ ~
RESOLUTION 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 AI,~THOR[ZING ADVERTISING FOR I31DS TO LEASE
WHEREAS, under the authority granted by Indiana Code ~ 36-7-14, c~~ sc~~t. and
in furtherance of the South Bend Central Development Area Pian (the "Plan"), the South
Bend IZede~°clopment Commission (the "Conunission'~) has determined that it is
necessary to establish a fair market rental rate of certain property located ~a~ithin the area
heretofore designated as the South Bend Central Development Area (the '~%rea~~) U'ithin
the City of South Bend. Indiana (the "Citv~~). 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 ~ ~6-7 14-?3(h), which provide a fair market raltal
rate of S 1 1.50 per square foot per month (the "Rental Ratc ~): 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 ~ 36-7-14-32: and
WHEREAS, the Commission finds that all procedures necessary for leasing the
Property have been completed in ~iccordance with Indiana lava:
NOW, THEREFORE, BE IT RESOLVED by the South Bend
Redevelopment Commission thaC
1. The Commission hereby approves and establishes a fair market rental rate
for the Property of $1 I.50 per square toot per month.
?. Authorized agents of the Commission and the staff of the Commission arc
hereby authorized and directed to cause a notice advertising for bids offering to lease the
Property described at Exhibit A in accordance ~~ith Indiana Code ~ 3G-7-14-?2, to be
opened at a regular meeting of the Commission on December ~, ?008, at 10:00 a.m. or as
soon thercaiter as the regular agauia of the Commission shall allow.
~. Don [nks or Jeff Gibney is authorized to execute on behalf of the
Commission any documents necessary to carry out the intent of this resolution.
ADOPTED at a Regular Meeting of the South Bend Redeeelopment
Commission held on October 17, 2008, at 1308 County-City Building. 227 West
Jefferson Boule~~ard, South E3end, Indiana 46601.
CITY OF SOl TH BEND,
DEPART~1EN~1' OF REUGVELOPMENT
Prinird A~mrr ~ni
South Bend Rede~~elopmcut Commission
ATTEST:
Priu[.z \ann rind 711
South Bend Rede~~clopment Commission
EXHIBIT A
DESCRIP"TIOI~ OF PROPERTY. The Rcde~~elopment Retail Properties arc all located
in South Bend, Indiana. and described as tbllo~~-s:
• 1 17 Cast Wayne Street- Wa}mc Strcct Garage Retail
• 1 18-1 ~ 1 South Michigan Strcct -Leighton Plaza Garage Retail
• l30 South Main Street - Lci~~hton Plaza Courtyard