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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 />that the operation continues as it should. <br /> <br />st <br />Additional consideration to 1 Source and <br />Host will be that the ground lease interest <br />will be conveyed to the building owner and <br />to Host. There have been some modest <br />conveyance payments in the underlying <br />documents, about $33,000 per year, split <br />between the two parties. Those will go away <br />as the result of this agreement. Then, at <br />some point, no later than 2041, the garage <br />st <br />will go back to Host and 1 Source. <br /> <br />Mr. Nussbaum stressed the economic <br />development impact of this agreement. An <br />important historic business is being <br />st <br />maintained at this site. 1 Source has been in <br />downtown since 1863. It was very important <br />to the city that it remain. Secondly, we <br />wanted to maintain the presence of an <br />upscale/upper upscale hotel downtown. That <br />was important to the convention business we <br />have at Century Center, but is also the sign of <br />a city that has something to offer. This <br />agreement also allows 700 jobs to be <br />st <br />maintained600 from the 1 Source side and <br />C <br />100 from the Host side. <br /> <br />Mr. Nussbaum also noted that there will be <br />short term benefits of $14M of construction <br />that will take place in downtown South Bend <br />over the next three years. That will be a <br />source of construction jobs, and also a sign <br />that downtown is alive and well. <br /> <br />Mr. Downes clarified that the 700 jobs do not <br /> 14 <br /> <br />