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South Bend Redevelopment Commission <br />Regular Meeting - November 6, 1998 <br />5. OLD BUSINESS <br />a. Commission approval requested for the <br />Blackthorn Golf Course Operation and <br />Management Agreement with <br />Meadowbrook Golf Group, Inc. <br />Mrs. Kolata stated that the Operation and <br />Management Agreement was presented to <br />the Redevelopment Commission for its <br />consideration at the October 16, 1998, <br />meeting. The Agreement was tabled at <br />that time until suggested changes were <br />made to the Agreement. Those changes <br />have been addressed and Anne Bruneel, <br />Redevelopment's Attorney, has reviewed <br />the final Agreement. <br />The Operation and Management <br />CW Agreement is a five -year Agreement to <br />begin on January 1, 1999. Meadowbrook <br />Golf Group, Inc.'s operation and <br />management fee is $7,000 a month, plus <br />an incentive fee of 10 percent based on the <br />Blackthorn Golf Course's gross revenues. <br />If the Blackthorn Golf Course gross <br />revenues exceed $1.8 million in any given <br />year of the five -year term, then <br />Meadowbrook will earn an incentive fee of <br />10 percent in excess of the $1.8 million. <br />The incentive fee will not exceed the fixed <br />fee of $7,000 a month. <br />Mrs. Kolata stated that Redevelopment <br />and the Joint Advisory Committee have <br />been very pleased with Meadowbrook <br />Golf Group, Inc.'s operation and <br />management performance in the past, <br />relative to the Blackthorn Golf Course. <br />H: \WPDATA \COMMSN\I 10698.MIN -4- <br />