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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1993 <br />6. NEW BUSINESS (Cont.) <br />j . <br />continued... <br />expect to make a profit on them. Their <br />proposal also covers the St. Joseph/Wayne <br />Garage which is controlled by the <br />Commission. <br />Ms. Manier explained that the term of the <br />agreement with AMPCO would be five years <br />with a fee based on a fixed component as well <br />as a performance component, with the <br />incentive fee (10% of the monthly gross) not <br />to exceed the fixed fee. If they increase <br />revenues, they participate in the profits. If <br />revenues remain the same, they receive only <br />the $12,000 per year management fee. <br />Mr. Horton noted that have an entirely <br />different perspective on garage management <br />than the City does and will bring a more <br />customer friendly approach to it. The <br />garages will likely be open longer hours, etc. <br />Ms. Manier noted that Catering by Billie will <br />continue to be under the Commission's <br />authority. Billie's present lease allows them <br />six parking spaces in the Wayne Street garage <br />and that will not change. <br />Mr. Donoho asked if the St. Joseph/Wayne <br />Street Garage wasn't making a profit and <br />whether it need to be turned over to AMPCO. <br />Mr. Horton responded that it wasn't losing <br />money, but was not covering debt service. <br />The bond on the St. Joseph/Wayne Street <br />Garage requires that the accounting be kept <br />separate and that will be done. <br />-54- <br />