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South Bend Redevelopment Commission <br />Regular Meeting— December 6, 2002 <br />6. NEW BUSINESS <br />D. South Bend Central Development Area <br />(6) continued... <br />Mr. Mathia reported that Resolution <br />No. 1929 sets the fair re -use value of <br />property in the South Bend Central <br />Development Area known as the Palais <br />Royale building. The size of the property is <br />approximately 0.34 acres and the floor area <br />is 49,840 sft. The entire amount will be <br />sold; however, the City will retain a <br />permanent easement for active use of <br />approximately 13,782 sft. The balance <br />would then be available for a private- sector <br />firm to purchase. The staff recommends <br />approval of Resolution No. 1929. <br />ILUpon a motion by Ms. Jones, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 1929 <br />approving the fair re -use value of property in <br />the South Bend Central Development Area. <br />(Palais Royale Building) <br />(7) Commission approval requested for Bid <br />Specifications for property in the South <br />Bend Central Development Area. (Palais <br />Royale Building) <br />Mr. Mathia highlighted the Bid <br />Specifications and Design Considerations as <br />follows: <br />– All offers must meet the minimum price of <br />$3,982,500. <br />– The site purchase must include the total <br />Palais Building and the land it is located on <br />subject to certain permanent easements to be <br />22 <br />COMMISSION APPROVED RESOLUTION NO. 1929 <br />APPROVING THE FAIR RE -USE VALUE OF PROPERTY <br />IN THE SOUTH BEND CENTRAL DEVELOPMENT <br />AREA. (PALAIs ROYALE BUILDING) <br />