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South Bend Redevelopment Commission <br />Regular Meeting - October 16, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Meadowbrook Golf Group, Inc. The new <br />Management Agreement would provide a <br />five -year term to begin January 1, 1999. <br />Meadowbrook Golf Group, Inc.'s fee for <br />management and operation of the <br />Blackthorn Golf Course is $7,000 a month <br />for the entire five -year term of the <br />Operations and Management Agreement. <br />In addition, there is an incentive fee which <br />is based on Blackthorn Golf Course's <br />gross revenues. If the gross revenues <br />exceed $1.8 million in any given year of <br />the five -year term, Meadowbrook Golf <br />Group, Inc. will earn 10 percent of the <br />gross revenues in excess of the $1.8 <br />million. The incentive fee would not <br />exceed the fixed fee of $7,000 a month. <br />She also stated that the Operations and <br />Management Agreement was presented to <br />the Joint Advisory Committee on Monday, <br />October 12, 1998, and the Joint Advisory <br />Committee recommended that the <br />Operations and Management Agreement <br />be approved. <br />Mrs. Kolata stated that since the Joint <br />Advisory Committee meeting, Mr. Rippey <br />suggested a couple of changes to the <br />Agreement, and they have not yet been <br />reviewed by our attorney. <br />Mr. Hunt stated that at the Joint Advisory <br />Committee meeting on Monday, October <br />12, 1998, the Committee recommended <br />approval of the Agreement, subject to <br />HAWPDATATOMMSM101698.MIN -4- <br />