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South Bend Redevelopment Commission <br />Regular Meeting -June 6, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(1) continued... <br />The terms of the Development Agreement <br />and Contract before the Commission today <br />align precisely with the terms set forth in the <br />approved LOI. At the time REI and White <br />Lodging committed to constructing an urban <br />oriented, ten-story mixed use building with <br />parking garage and a select service franchise <br />hotel. Of 210 new structured parking spaces, <br />a minimum of 150 would be available to the <br />public during business hours, in an optimal <br />shared-use arrangement. A private <br />investment threshold was set at $25 million, <br />with a proposed public investment of $3.7 <br />million to support the garage construction. <br />Jeffcourt, Inc. is pleased to announce that the <br />scope and concept of the project has grown. <br />Not one but two premiere hotel franchises <br />have signed on to head up the Project, in a <br />unique partnership arrangement we have not <br />seen previously in South Bend. Jeremy <br />Stephenson with REI Investments is present <br />to discuss the exciting developments that <br />have taken place behind the scenes in the <br />past few months, and the planning they've <br />been doing to maximize the prime site in <br />downtown. <br />Mr. Stephenson expressed his appreciation <br />for the working relationship that has existed <br />with the city staff on this project. He noted <br />the two entrances, one on St. Joseph and one <br />on Jefferson. The additional rooms added by <br />extending the L shape to a U shape on the <br />site. A Courtyard franchise and a Fairfield <br />franchise share the structure. R.E.I. <br />