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South Bend Redevelopment Commission <br />C escheduled Regular Meeting - January 4, 1995 <br />6. NEW BUSINESS (Cont.) <br />j. continued... <br />M19 -1, M19 -5, and M19 -6 in the South <br />Bend Central Development Area. <br />(Dreisbach Property) <br />Mrs. Kolata explained that items 6.j, 6.k., <br />and 6.1. are all related. They pertain to <br />putting the Dreisbach property up for sale. <br />Resolution No. 1316 sets the Fair Reuse <br />Value of Land for the property. The bid <br />specifications and design guidelines outline <br />our requirements for reuse of the property. <br />and item 6.1. authorizes publication of our <br />intent to sell the property and sets the time <br />for receipt of bids as 10:00 a.m. , February <br />3, 1995. <br />Mrs. Kolata noted that the Commission <br />received the Dreisbach building as a <br />donation the end of 1993. The resolution <br />setting the minimum offering price <br />anticipates that a bidder could bid on either <br />a portion of the property or the entire <br />property. Rather than having a sales price <br />for the property, the resolution sets a lease <br />price. Fart of our acceptance of the <br />donation of the property was that we would <br />not sell it for a minimum of two years. But <br />we do have the right to lease it. We are <br />leaving it up to potential bidders to decide if <br />they want a 25- year lease or whether they <br />want an 18 -month lease. <br />The design considerations require the <br />developer to reuse the existing main <br />structure for commercial development and <br />that the architectural design of the <br />-34- <br />