12-13-11 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting—December 13, 2011 6. NEW BUSINESS (CONT.) B. South Bend Central Development Area (1) continued... Mr. Downes responded that the way he understands the agreement is that the more successful the team is in drawing people to the stadium, the higher the attendance is, there is a financial incentive whereby the city actually does gain some of the revenue from it. Mr. Berlin answered that to the extent that attendance grows there is a payment to the city of additional revenue. Also, the city can negotiate after a period of five years to raise the rent. The idea is for the team to become financially sustainable and then be able to afford additional rent. Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE STADIUM USE, Ms. King and unanimously carried, the MANAGEMENT AND OPERATIONS AGREEMENT Commission approved the Stadium Use, BY AND BETWEEN THE SOUTH BEND PROFESSIONAL BASEBALL CLUB,LLC,THE Management and Operations Agreement by BOARD OF PARK COMMISSIONERS OF THE PARK and between the South Bend Professional DISTRICT OF THE CITY OF SOUTH BEND,AND THE Baseball Club, LLC, the Board of Park SOUTH BEND REDEVELOPMENT COMMISSION. Commissioners of the Park District of the city of South Bend, and the South Bend Redevelopment Commission. (2) Resolution No. 2988 pledging certain tax increment revenues to the reimbursement of costs incurred by the City of South Bend (Chase Tower Parking Garage). Mr. Inks noted that negotiations are continuing with a potential developer of the Chase Tower Building. Should the city reach an agreement to financially participate in the renovation of Chase Tower, it would be necessary to close the transaction quickly. To keep open the possibility of a quick 9