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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(4) continued... <br />1" Source was contacted. Mr. Inks <br />responded that he spoke to a representative <br />from the bank. They had no other concerns. <br />Ms. Jones questioned the 30 percent payment <br />of cost. Who pays the other 70 percent? Mr. <br />Nussbaum replied that 70 percent is paid by <br />the hotel owner and 30 percent is paid by the <br />office building owner. <br />Mr. Varner questioned whether there would <br />be further city investment requested. Mr. <br />Nussbaum answered that there will be more <br />private investment than we thought when we <br />entered into the MOU. Mr. Gibney added <br />that Jenna will not be coming back to the <br />Commission for additional investment. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission moved for separate approval of <br />Operation, Maintenance and Easement <br />Agreement (South Bend Marriott) Estoppel <br />and Release (Atrium) and Construction, <br />Easement, Restriction and Operating <br />Agreement (South Bend Marriott) Estoppel <br />and Release (Walkway Agreement). <br />(5) Letter of Intent to Lease retail space at <br />117 E. Wayne Street (in Wayne Street <br />Garage). <br />Ms. Jennings noted that the Wayne Street <br />garage retail space is one of the <br />Commission's most difficult retail spaces to <br />lease. Vesuvio's Pizza has submitted a <br />19 <br />COMMISSION MOVED FOR SEPARATE APPROVAL <br />OF OPERATION, MAINTENANCE AND EASEMENT <br />AGREEMENT (SOUTH BEND MARRIOTT) <br />ESTOPPEL AND RELEASE (ATRIUM) AND <br />CONSTRUCTION, EASEMENT, RESTRICTION AND <br />OPERATING AGREEMENT (SOUTH BEND <br />MARRIOTT) ESTOPPEL AND RELEASE <br />(WALKWAY AGREEMENT). <br />