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By August of 2002, the Chocolate Company will occul <br />remodeled 89,500 sq. ft. East Race Place. With many 1U.JL6- L%,LL.. JAa,%;;,, WIZ; t,wJcL;L wC wut <br />be at least 95% occupied for the years to follow. We will have our renovations, restaurant <br />and cafe additions complete, and will be working with the City of South Bend, The <br />Downtown Steering Committee, and private investors on phase II of the project. <br />The Chocolate Company will need a new factory in the next 3 -4 years. Our other option <br />would be to build a new factory and tour area. This option would probably cost in the <br />neighborhood of $1.5 million with similar type of build -out numbers. Though a new place <br />would lend itself better to future expansion, it would not have the impact for the company <br />or for the City of South Bend as will East Race Place. We also would not be able to <br />piggyback the success of the Chocolate Company into the development of other retail <br />outlets and office space. Hence we do not perceive this investment into the Commerce <br />Center as risky but as a great opportunity. <br />