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South Bend Redevelopment Commission <br />Regular Meeting - February 5, 1993 <br />6. NEW BUSINESS (Cont.) <br />m. continued... <br />Ms. Hickey reported that the Watseka Theater <br />Corporation proposes to purchase the State <br />Theater for the purpose of restoring and <br />refurbishing it as an entertainment center. Jerry <br />Jager is president of Watseka Theater Corp. <br />Ken Allen is their agent. The projected project <br />cost is $460,000. Mr. Jager will have an equity <br />investment of $400,000 with CCA guaranteeing <br />a bank loan for the remainder. The renovation <br />will duplicate the original style as nearly as <br />possible and will be completed within one year. <br />They propose to provide a variety of <br />entertainment at the theater, such as second run <br />movies, live plays, and musical performances. <br />The existing shops in the front of the theater <br />will continue to be leased as retail or <br />commercial space. <br />Watseka Theater Corp. proposes to pay $20,000 <br />for the building. Ms. Hickey noted that the <br />Redevelopment Commission will retain an <br />easement on the west facade of the building to <br />maintain it. The Commission will also put some <br />covenants in the deed, restricting the types of <br />uses not allowed. We do not want controlled <br />uses to ever be allowed on that property. <br />Mrs. Kolata noted that Mr. Wolf and Ms. <br />Hickey have spent considerable time looking at <br />other projects that Watseka has done. They are <br />all quality projects and we feel they are capable <br />of completing this project as proposed. The <br />staff recommends accepting their offer. <br />-4- <br />