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_~ ~ <br />1~ <br />Memorandum <br />To: Members of the Redevelopment Commission <br />From: Richard A. Nussbaum, Outside Counsel to the Commission <br />Re: Memorandum of Understanding ("MOU") 1St Source/Host Resort Project <br />The following represents a summary outline of the terms of the MOU presented <br />for approval December 3, 2010. I apologize for the short notice but the final form <br />was not developed and signed by 1St Source and Host until late last evening. <br />I. Parties <br />• 1St Source Corporation-Principal tenant of Office Building <br />• Host Hotel & Resorts, LP-Owner of Hotel Building (Marriott is manager <br />under agreement with Host) <br />• Board of Public Works <br />• Redevelopment Commission (Ground Lessor ) <br />II. Purpose of Agreement <br />• Prevent termination of 1St Source Lease <br />• Maintain upper upscale/upscale status of Hotel <br />III. Consideration Paid by City <br />• 6.5 million (70 % to Host [ 4.55 m ] 30% to 1St Source [1.95 m] ) <br />• Source :UDAG (4.6 m -portion borrowed from COIT but all to be repaid to <br />COIT account ); COIT Reserves (1.9 m) (Gibney/Inks for details ) <br />• NO LOIT DEDICATED TO PUCLIC SAFETY OR PROPERTY TAX RELIEF <br />