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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />. South Bend Central Development Area <br /> C <br /> <br />(4) continued… <br /> <br />sure that it remains viable, and remains a <br />foundation of downtown South Bend. <br /> <br />The parties to the Memorandum of <br />st <br />Understanding are 1 Source Corporation, <br />the principle tenant of the office building; <br />Host Hotel and Resorts, a real estate <br />investment trust. It is the owner of the hotel <br />side of the building. The Marriott brand is <br />the manager under an agreement with Host <br />Hotel. Marriott is not a party to this <br />agreement. The Board of Public Works is <br />also a party to the agreement because some <br />of the funding will be channeled through <br />civil city funds. And, the South Bend <br />Redevelopment Commission is the final <br />party to the agreement, as owner of the <br />ground on which the buildings sit. <br /> <br />The purpose of the agreement is twofold. <br />st <br />First, the 1 Source lease is coming up for <br />st <br />renewal at the end of December 2010. 1 <br />Source has to make a decision before then <br />whether it is going to maintain its presence at <br />the current location or look at other options. <br />st <br />We have been working with 1 Source over <br />the course of the last year to make sure that <br />they remain in downtown South Bend. This <br />Memorandum of Understanding accom- <br />plishes that goal. Second, that Host <br />maintains the status of the Marriott Hotel in <br />an upscale or upper upscale fashion. Those <br />are terms in the hotel business. This <br />agreement accomplishes that as well. <br /> <br />In order to move this project forward the city <br /> 10 <br /> <br />