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South Bend Redevelopment Commission <br />Regular Meeting - March 5, 1999 <br />5. OLD BUSINESS (CONT.) <br />a. continued.... <br />Proposal for management of the St. <br />Joseph/Wayne Parking Garage. There was <br />a previous Parking Management <br />Agreement between the Commission and <br />Ampco in 1993, which expired in 1998. <br />The City of South Bend entered into <br />similar Agreements with Ampco for <br />Parking Management of the Jefferson <br />Garage, Colfax Garage and Leighton Plaza <br />Garage. Ampco's management fee for the <br />Wayne Street Parking Garage is $750.00 a <br />month. Of that amount, $375 is a fixed fee <br />and the remaining $375 is an incentive fee, <br />depending on the gross income for the <br />garage. All of the operating costs of the <br />garage are passed through to the City for <br />payment. <br />Mrs. Kolata stated that the Parking <br />Management Agreement has been <br />reviewed by John Broden, City Attorney, <br />and he has discussed the Parking <br />Management Agreement with the City's <br />Bond Counsel. The staff recommends <br />approving the Parking Management <br />Agreement. <br />Ms. Schwartz stated that she is concerned <br />about the self - insurance provision in the <br />Parking Management Agreement, because <br />of the amount of insurance Ampco is <br />required to carry and self insurance relies <br />on the economic stability of Ampco. Mrs. <br />Kolata commented that Ampco is a very <br />large company and that it has entities all <br />over the United States. <br />HAWPDATATOMMSM030599.MIN -4- <br />